Businesses reported on Form 1040 can be entered in a number of different ways depending on what type of entity is being used.
For a Schedule C business, these details could be captured as a Business Expense.
To do this in TurboTax CD/Download Home & Business, assuming the Forms W-2 have been issued, from the BUSINESS tab, at Your Business, scroll down to Business Expenses and click Start at:
- Other Common Business Expenses
- At Let's write off some business expenses, scroll to Employee Expenses.
- At Employee Expenses, click Start by Employee Wages and Work Credits.
- At Let's get your employee wages and work credits, scroll to the appropriate credit area and enter your details.
When entering the expenses for a pass-through entity, Form 5884 details should have already been captured in TurboTax Business before reporting Schedule K-1 details on Form 1040.
For forms availability, see: IRS forms availability table for TurboTax Business.
For IRS resources, see:
2020 IRS Form 5884-A
2020 IRS Instructions for Form 5884-A
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