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Bob1551
Returning Member

Turbotax2023 won't calculate.

Turbotax2023 won't calculate. This needs to be addressed ASAP!

 

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6 Replies
BillM223
Expert Alumni

Turbotax2023 won't calculate.

TurboTax2023 won't calculate what? Remember that we in the Community cannot see your private tax data nor the screen you are on. So tell us what you are talking so that we can help you.

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Bob1551
Returning Member

Turbotax2023 won't calculate.

It won't calucate any of the businesses expenses I've entered. My refund doesn't increase. I've tried some examples and still nothing. 

Turbotax2023 won't calculate.

Some expenses, such as home office or section 179 depreciation can only be used to reduce your schedule C taxable income to zero, and not to create a loss. Excess deductions for these carry over to the next year.  And you have to answer yes to both questions about exclusive and regular use, not just one.  The area of your home office must be used regularly and exclusively for business to deduct it.

 

Or you checked the box on 32b saying Some Investment is Not at Risk.

 

If you have money not at risk you can not take a loss on schedule C. If you don't know what it means then probably All your Investment is at Risk (check Box 32a). It means you are using your own money for the business.  People usually check the wrong box.

 

And  by entering more expenses it will decease your net profit or give you a loss, so you may not be getting as many credits as before.   Also after you reduce your income to zero there is no more refund to get back but you still may owe for other things like self employment tax or the 10% early withdrawal penalty from 401k or IRA accounts.

Bob1551
Returning Member

Turbotax2023 won't calculate.

It won't calucate any of the businesses expenses I've entered. My refund doesn't increase. I've tried some examples and still nothing. 

Turbotax2023 won't calculate.

I gave you some reasons.

Bob1551
Returning Member

Turbotax2023 won't calculate.

Thank You!

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