Yes, that works.
A few things to double-check~
1. It is best to close the old Schedule C and start a new Schedule C.
- Unless your goal is to aggregate businesses
- Depreciation of any assets in the old business should be stopped by marking all as converted to personal use; the new company, if still using these assets, should depreciate only the remaining life of the asset. If Section 179 was used, it must be recaptured.
- The old business should have been identified as disposed of in the Business Profile section. From the Business Income and Expenses area, follow these steps:
- Business Profile click Update
- Scroll down (fourth "Edit") to Disposed of Business in Current Year the year the old business was disposed of and click Edit.
2. A shortcut to updating Form 8995 would be to delete the old form.
- From the Forms view, click Open Forms
- Type in Form 8995 and click to open
- On the bottom of the window, click Delete a Form
3. Return to the Business Tab in Step-By-Step. Revisit your input for the year to generate a new Form 8995.
Click on the link to read more about the Qualified Business Income Deduction
Discussion about Schedule B-Aggregation of Business Operations--be sure to see TurboTax Expert DavidS127's suggestions for TurboTax Desktop if you are needing to aggregate
