My specific question relates to Section L on schedule C. I'm getting a reminder that it needs attention. I've already had an accountant file the business tax this year so I could determine net gain (loss) in order to report on our personal taxes. This is the 1st time I've used Turbotax.
The accountant should have provided you with a K-1 for the S-corp to tell you how much profit or loss to enter into TurboTax. You should not be using the business schedule C for this purpose. Look in the Income section for K-1 and enter the information there.
I see the k-1, but turbotax won't let me do away with the schedule C. I deleted the income info (loss) and our refund plummeted. How do I show the negative income on our return?
The only option I've been able to do is to mail in my return. It won't let me e-file
I was able to get some online help and deleted the schedule C and replaced it with k-1. Thanks for the help. I would have never found the k-1.
Here's the general procedure for viewing the forms list and deleting unwanted forms, schedules, and worksheets in TurboTax Online: