It is not unusual for a self-employed business to have a loss while the business is getting established.
As long as you have entered any income and expenses on Schedule C, TurboTax will do the calculations and report your overall income or loss on the return and factor it in to your Form 1040.
Having a loss during the first year of business is not necessarily a red flag to the IRS.
Use these steps to get started:
- On the top row of the TurboTax online screen, click on Search (or for CD/downloaded TurboTax locate the search box in the upper right corner)
- This opens a box where you can type in “schedule c” (be sure to enter exactly as shown here) and click the magnifying glass (or for CD/downloaded TurboTax, click Find)
- The search results will give you an option to “Jump to schedule c”
- Click on the blue “Jump to schedule c” link
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