topic Re: retirement in Get your taxes done using TurboTax

retirement

andy1947 — Mon, 09 Mar 2026 07:03:05 GMT

I was an independent contractor with a home office. I retired as of January 1, 2021. In entering my 2021 tax return on Turbotax, I am still getting business information. I indicated that there was no longer a business and all the assets (phone, car, computer, printer, etc,) were not associated with the business.

Is there an IRS Form that I am missing or is there something in Turbotax that I need to indicate.

Thank you

Re: retirement

DoninGA — Sat, 26 Mar 2022 15:11:03 GMT

See this TurboTax support FAQ for deleting a Schedule C that transferred from the prior year tax return - https://ttlc.intuit.com/community/using-turbotax/help/how-do-i-delete-a-prior-year-schedule-c-business-that-transferred-over/00/25628

Re: retirement

LenaH — Sat, 26 Mar 2022 15:17:35 GMT

If you were self-employed last tax year, it will carry over to this year. In order to delete this, you would have to delete the Schedule C form carried forward.

To do so, please follow the instructions below:

Open your return in TurboTax.
Search for Schedule C with the magnifying glass tool on the top of the page.
Select the Jump to Schedule C link in the search results.
If you get to a self-employment summary screen, delete the self-employment income line with the trash can icon.
If you get to the question Did you have any self-employment income or expenses? answer No.
Click on Tax Tools on the left-hand side.
Click on Tools.
Click on Delete a form.
Scroll down to the forms and click Delete next to Schedule C and Schedule SE.

Re: retirement

JCP9 — Tue, 11 Apr 2023 19:20:50 GMT

I have two things I can't reconcile. I am now retired and trying to end the home office section. TT asked me if I stopped using assets by editing each one and I said yes a/o 1/1/2022 yet it still shows DPN for 2022. Should I just delete the assets? Also I was self employed and trying to remove self employment. There just doesn't seem to be any entry for it. Please help

Re: retirement

MarilynG1 — Tue, 11 Apr 2023 19:45:01 GMT

Yes, you can Edit the Assets and indicate 'converted to personal use'. You could try changing the date you stopped using to 12/31/2021 to not generate any 2022 depreciation, but it would be better in that case to Amend your 2021 return to report this. The small amount of depreciation generated for one day in 2022 will still generate a Schedule C for you, though.

Save the Forms 4562 that show Accumulated Depreciation for each asset as you will need these amounts if and when the asset is sold (including the house for Home Office).

In the 'Business Profile' section, you can indicate that you 'sold or disposed of your business in 2022'.

Here's more info on Closing a Business.

@JCP9