Last yr, I used TT Home & Biz as I was working in pvt. practice. This year I'm mostly retired, but have a little income. Should I buy TT home & Biz again this year?

[leeloo]

Yes, if ytou have self-employment income, you would need to include it. You can use H&B or the online version, Self-Employed.

[Vanessa A · Accepted solution]

Yes, you say you are mostly retired, I am assuming this means you still have a little bit of income from your private practice.  If this is the case, then you will need to continue to file a Schedule C which you would need to use TurboTax Home and Business to file. 

As long as you are filing taxes and have any self-employment income you will need to include the Schedule C on your return to report any and all income and expenses from your practice on your return. 

If you are only filing taxes for your private practice and you do not have other income, then any year you earn more than $400, you would still need to file a Schedule C with your return.

If you have a practice, you likely have assets.  If you have assets, if you do completely close you will need to file a few extra forms, in addition to your Schedule C and any employee tax forms, to report the disposal or sale of these assets. 

[turtlsis]

Hello Leeloo,

Thank you for your response! I didn't know where to find it until now. I had very little income in 2022 -- $146! I'm in hover mode as I may re-start my practice in my new state, but have not begun yet. I also had poll worker income, only $310, but that was all aside from SS retirement income.

I appreciate your help.

[VolvoGirl · Accepted solution]

Actually if you buy the Desktop CD/Download program you can buy any version, like a lower version like Deluxe.  All the Desktop programs have the same forms. You just get more help and guidance in the higher versions. 

[turtlsis]

Dear Vanessa,

Thank you for your response! I didn't know where to find it until now. I had very little income in 2022 -- $146! I'm in hover mode as I may re-start my practice in my new state, but have not begun yet. I also had poll worker income, only $310, but that was all -- aside from SS retirement income.

I appreciate your help. Since I didn't earn more than $400 in income, I probably don't need to file Sched C. I did have some interest income, which I reported on the TT Deluxe version.

I'm still working on the return.

Thanks for your help!

[turtlsis]

Thanks Leeloo, I didn't like the online version as I'm used to the desktop version. I may need to upgrade from Deluxe to Home & Biz bc I do like the guidance provided therein.

[turtlsis]

They make it hard to get to those forms. I used to fill out Sched C on the most basic TT cd/dvd years ago and now it's tricky to get to and complete the forms if the step-by-step doesn't include it. It's all about up-spending for the customer. Don't get me wrong, it's great software, but keeps getting pricier and pricier.

I am grateful for your response and may be forced to "upgrade." $50 more greenbacks.

[davej]

I still have carry over from Home and Business in 2022.  Can I use Deluxe 2023 (desktop CD) as my business was closed last year? The loss carry forward will be in the import from 2022? 

Thank-you ! 

VolvoGirl

" If you have a net loss for the year you can only deduct 3,000 (1,500 MFS) max on your tax return.  The rest you have to carryover to next year.  You have to report the carryover every year until it's used up.  You can't skip a year.  "

‎February 12, 2023 2:29 PM

[VolvoGirl]

@davej   Yes you can use Desktop Deluxe.  You can transfer from your 2022 return and the carryover should come over.   You need to have the  .tax2022 file on you computer to transfer from.