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Did it calculate self employment tax? Do you have a Net Profit? Do you need earned income to contribute to an IRA? If you only have self-employment income you can only contribute up to your net profit reduced by the deduction allowed for one-half of your self-employment taxes.
Or what are you trying to deduct? Oh, if you are married be sure Schedule C and the deduction are assigned to the same spouse.
Hi! @VolvoGirl
Thanks for the reply. Yes, it did calculate self employment tax and shows the net profit amount. The schedule C shows the income and the amount of tax due changed. But when I go to the deductions section, specifically for EIC, it shows $0 in earned income. I have gone through so many things but cannot seem to find anything that will make this income show as earned. Kind of at a loss on what else to try.
All of the forms and schedules in TurboTax are not fully functional yet, so it may be that the program is not calculating properly. If you are using the desktop version of TurboTax, you need to make sure you perform the updates: "Online" and then "Check for Updates."
Self-employment income reported on a schedule C is earned income. If you have more than one business, however, a loss on one business will reduce income on another which could result in no earned income overall.
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