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Level 1
posted Apr 29, 2021 9:02:08 PM

In 2019, I had Profit or Loss from Business and reported in Schedule "C" - how do we report similar activity in 2020 Premium version of Turbo Tax?

This is a small home business and did not do too well in 2020

0 5 618
5 Replies
Level 15
Apr 30, 2021 12:47:51 AM

you report it on schedule C just like in 2019. 

Level 15
Apr 30, 2021 2:52:40 AM

@ wmad1975

 wrote:
In 2019, I had Profit or Loss from Business and reported in Schedule "C" - how do we report similar activity in 2020 Premium version of Turbo Tax?
This is a small home business and did not do too well in 2020

Online Premier can only handle a Schedule C if there are no expenses.   If you have any Schedule C expenses associated with your self-employed business, you would need to upgrade to Self-Employed Edition.

 

In your other thread, you said you switched from 2019 desktop TurboTax last year to 2020 Online TurboTax this year.   If you transfer the *.tax2019 data file into Online TurboTax, you will have some continuity between your 2019 Schedule C and 2020 Schedule C as well as other transferred data.   I left you those instructions in your other thread at:

https://ttlc.intuit.com/community/taxes/discussion/how-do-i-import-form-1116-data-of-prior-year-into-2020-tax-return/01/2240915#M804566

 

NOTE:  When you clear your return and transfer the *.tax2019 data file, you can then select Self-Employed Edition for the new return if you have a Schedule C business that has expenses to report.

Level 1
May 3, 2021 6:27:52 PM

Thank you, however, I was advised by Turbo Tax agent that I was required to upgrade my software to the next level. 

Level 1
May 3, 2021 6:31:39 PM

Thank you very much for your response. That is exactly what I was advised to do, i.e. upgrade to the next level which worked out fine.

I was just wondering why did they make the switch from 2019 Premier Version where I was able to report the minor expense for the small business expense I had relating to E-Bay sales.

Have a great day.

Level 15
May 3, 2021 6:41:03 PM

@ wmad1975

 wrote:
Thank you very much for your response. That is exactly what I was advised to do, i.e. upgrade to the next level which worked out fine.
I was just wondering why did they make the switch from 2019 Premier Version where I was able to report the minor expense for the small business expense I had relating to E-Bay sales.  Have a great day.

You're welcome.

I believe in your other thread you said that in 2019 you used the desktop software (CD/download.)  All editions of the desktop software (including desktop Premier) can indeed handle a Schedule C business with expenses, so that's why you could use Premier last year.

 

In Online TurboTax, however, some editions have limitations that the desktop versions do not.   In Online TurboTax, only Self-Employed Edition can handle a Schedule C with expenses.   i.e., Online Premier is less fully-featured than desktop Premier.