Hello,
I am using Turbo Tax Premium. My partner and I are Married Filing Jointly. We both have W2's and I have a side business that I am starting up. When we filed for 2022, I used Schedule C to list out business startup costs <5k with no income - the return was successfully filed.
For 2023, I listed out expenses for my side business and added an "income interest" received through opening up a business checking account - needless to say, my expenses are more than my income as I am still designing my cloud business. Once I added in all my income and expenses under the Federal Taxes section, TurboTax takes me to the "Your Audit Assessment is Ready", we found 1 items for you to review: Business Losses - "It looks like your business has taken a loss over multiple years. This can happen, especially if your business is new or growing. If your self-employed work doesn't make a profit over a number of years, the IRS may consider it a hobby or too sporadic to qualify as a business. If your business does take a loss, make sure you are actively trying to make a profit and have receipts and documentation for your expenses." Once I click Review, it takes me to the “Your 2023 self-employed work summary”, which I have already entered all my income and expense information for my business.
If I continue on, it takes me to a page stating: "Looks like we need more info: Even if you don’t do the “Business” work anymore or if this work doesn’t apply to you, you’ll still need to update this info to keep your return accurate. Let’s get it done. We’ll take you where you need to go. Update Now or Update Later." I am not sure why this text is showing about me not doing the business anymore or if the work doesn't apply to me, as it does?
I was able to skip over and complete our State Taxes. We have not attempted to submit the tax filing. The two aforementioned pages which kept asking me to review income and expenses for my business, could potentially be about my expenses being more than my income but I am not sure.
Any help would be appreciated!
