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Why can't my business take a loss this year?

I have been self-employed as a solopreneur for many years. My business has been profitable for more than 20 years - until 2024 when expenses exceeded income.  In completing my return using TurboTax Deluxe, my schedule C shows 0 for my net profit or loss on line 31.  It should show a loss. My self-employed health insurance, even though it was entered on the business expense worksheet and appears on Schedule C on the left side below line 15, does not show up on line 15 and is not included in the total expenses on line 28. If this amount were included in my total expenses as it should be, the business would have a loss. Did I do something wrong or is there a problem with the software? Thanks for your help. 

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1 Reply
RobertB4444
Employee Tax Expert

Why can't my business take a loss this year?

Unfortunately, the self-employed health insurance deduction is limited to the earned income from the business.  If that is zero then you are not allowed to take the deduction.

 

Here's an article on the deduction.

 

@luckysunset 

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