Self employed

To report your losses as a first-time sole proprietor, you need to use Schedule C (Form 1040), Profit or Loss from Business. Here’s how to do it in TurboTax:

Steps to Report Losses in TurboTax

1. Open your return in TurboTax.
2. Navigate to the Federal tab
3. Go to magnifying  class at top right o screen.
4. Search for "Schedule C" and select the "Jump to" link.
5. Enter your business income and expenses:
   • Income: Enter your gross receipts or sales.
   • Expenses: Enter all your business expenses, including supplies, rent, utilities, etc.
6. Calculate your net loss: TurboTax will automatically calculate your net profit or loss based on the income and expenses you entered

TurboTax Help Articles

• Beginner's Guide to Sole Proprietorship Taxes
• Reporting Self-Employment Business Income and Deductions