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Returning Member

Schedule C manually enter info

My business partners tax guy filed a schedule c for his half of the company, and now I need to do the same, but I need to enter the same info manually. How do I do that?

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Level 15

Schedule C manually enter info

First of all if you have a partner you should be filing a Partnership return 1065 or 1120.  Then you only enter the K-1 into your return.  

 

Only the Desktop CD/Download program has the Forms mode to enter directly on the forms.

If you are using the Online version you will have to go though the business section and enter all the totals on the interview screens. And hopefully come out with the same Net Profit or Loss as the accountant's schedule C. You don't need to enter the SE. Turbo Tax will automatically fill out SE based on your schedule C entries and any W2 entries you got.

 

If you want to switch to the Desktop CD/Download program you can enter your figures directly into Schedule C on the actual schedule C. We can tell you how to switch.

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Level 15

Schedule C manually enter info

First of all if you have a partner you should be filing a Partnership return 1065 or 1120.  Then you only enter the K-1 into your return.  

 

Only the Desktop CD/Download program has the Forms mode to enter directly on the forms.

If you are using the Online version you will have to go though the business section and enter all the totals on the interview screens. And hopefully come out with the same Net Profit or Loss as the accountant's schedule C. You don't need to enter the SE. Turbo Tax will automatically fill out SE based on your schedule C entries and any W2 entries you got.

 

If you want to switch to the Desktop CD/Download program you can enter your figures directly into Schedule C on the actual schedule C. We can tell you how to switch.

View solution in original post

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Returning Member

Schedule C manually enter info

Ok, ya we took a loss on the business and its no longer a business after this year so maximize the losses he said it was best to file the schedule c. So i need to just switch to the desktop version, how do I do that

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Level 15

Schedule C manually enter info

Yes you might need to switch to Desktop anyway if you can't finish by Oct 15.  You need a full Windows or Mac computer to install it on.  The Desktop program is better and has more features than Online version.  And you can do unlimited returns.

 

Even before you pay for the online version you can switch to the desktop version and you won't have to re-enter your information. To continue in the desktop version see this…….
https://ttlc.intuit.com/community/choosing-a-product/help/how-do-i-switch-from-turbotax-online-to-th...


You need to download the .tax2019 file from online to your computer. But after you get the program installed the first thing to do before you open your tax return .tax file is to update the program and install any state programs you had. So you first might need to start a fake return to be able to download the state program (go to FILE - NEW). Then you just OPEN your file, go up to FILE - OPEN. It should find your .tax2019 file or if it doesn't you can browse (using Find a Tax File) to where you saved it.


You can buy a cd or download the program here or look around at stores for sales.
https://turbotax.intuit.com/personal-taxes/cd-download

 

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Returning Member

Schedule C manually enter info

Can you still file electronically on the desktop version 

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Level 15

Schedule C manually enter info


@AlexC93 wrote:

Can you still file electronically on the desktop version 


You can use the TurboTax software to e-file a 2019 tax return up through October 15, 2020.  After that date the 2019 tax return can only be printed and mailed.

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Level 15

Schedule C manually enter info

By the way, if you override any amounts you won't be able to efile.  So try to find the underlying worksheets to make the entries.  Unless you will be finishing after Oct 15.  Then you can override and mail it.

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Level 10

Schedule C manually enter info


@AlexC93 wrote:

Ok, ya we took a loss on the business and its no longer a business after this year so maximize the losses he said it was best to file the schedule c. 


 

Um, no.  A Partnership return is required.  You can't choose to each file a Schedule C just because it is more convenient.

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Returning Member

Schedule C manually enter info

Why would a tax professional of 35 years elect to do it this way if it wasn't allowed? serious question. He told us that we don't need to file the the llc business return and just do the schedule C 

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Level 10

Schedule C manually enter info

That would be something to ask him.  A business with multiple owners/partners (such as a Multi-Member LLC) needs to file a Partnership return.  

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