I am using Turbotax Home and Business, Windows version.
It will not take the Principal Business code of 999999 or 454110 commonly used for ebay/online sales.
I've tried other codes and they seem to work. Any suggestions? Can't even find where to file a bug.
It's not a bug. The IRS changed the list of principal business codes for 2022 tax returns. Codes 454110 and 999999 have been eliminated. TurboTax is using the IRS list for 2022.
The updated IRS chart says that an online seller should use the code for retailers of the primary type of product that you sell. It would be the same code that you would use if you had a bricks-and-mortar store selling the same products. In other words, you use a code representing the type of products being sold, rather than the sales channel. For example, if you primarily sell electronics you would use 449210 Electronics & appliance retailers (including computers). If you primarily sell clothing you would use 458110 Clothing & clothing accessories retailers.
Code 999999 has been replaced by 999000.
It's not a bug. The IRS changed the list of principal business codes for 2022 tax returns. Codes 454110 and 999999 have been eliminated. TurboTax is using the IRS list for 2022.
The updated IRS chart says that an online seller should use the code for retailers of the primary type of product that you sell. It would be the same code that you would use if you had a bricks-and-mortar store selling the same products. In other words, you use a code representing the type of products being sold, rather than the sales channel. For example, if you primarily sell electronics you would use 449210 Electronics & appliance retailers (including computers). If you primarily sell clothing you would use 458110 Clothing & clothing accessories retailers.
Code 999999 has been replaced by 999000.
Our principal business code is not being accepted by Turbo Tax!
@RMK319 wrote:
Our principal business code is not being accepted by Turbo Tax!
Is the principal business code that you are trying to enter in the chart on pages C-18 through C-20 of the 2022 IRS Instructions for Schedule C? If not, you have to choose a code from that chart. As I said above, the IRS changed the list of codes for 2022.
When I tried to call up the list of business codes that TurboTax Premier offered on the online form, the link would not work. Only by reading this question did i learn that the code it automatically entered was correct.
It's also good for these activities:
Internet retail sales sites
Used general merchandiser
Go to Forms mode and see if you can enter the code. That would not violate the accuracy policy or affect any calculations. Check for updates first.
Employee tax experts DawnC and AmyC thought you were saying that you are having a problem with business code 459510. Do you have a problem or question about using that code? Your post just states the code, but you did not say anything about why you are posting it. You did not ask a question or indicate any problem. Code 459510 is valid. There is no problem using it in TurboTax, either in the Step-by-Step interview or in forms mode.
Or did you mean to reply to one of the earlier posts in this thread from last year? You did not indicate what you are replying to.