Julie - The IRS is sending me CP11 and CP501 notices claiming I owe them money on my 2020 return because line 32b on my Sched C was incorrectly checked. 'Some Investment Is Not At Risk'. I have no idea how/why this box was arbitrarily checked and Turbo Tax did not kick out Form 6198 to detail my claim. Because of this, the IRS did not carry over deductions and expenses on my Schedule C, leaving me with a TAX LIABILITY. My 1040 is related to a small, sole proprietor business, not an S Corp.1) Why did TurboTax automatically check line 32b on my 1040 Schedule C? [That's NEVER happened before!] 2) Checking box 32b should have automatically prompted a Form 6198 to provide details - yet it did not appear on my return. Why is that?
Because of this, I am now in a quagmire with the IRS trying to unravel what should have been a simple calculation. I appreciate any help or insight you can offer. - Ron
