topic I filed my 2020 tax through Turbo Tax self employed in After you file

I filed my 2020 tax through Turbo Tax self employed

kategordon — Sun, 21 Mar 2021 06:45:15 GMT

I already paid my tax bill and my Fed has already been accepted for the one business. Even though I did list the other business, it was not given consideration or mentioned on the schedule C . I guess I had to pick one or the other as my main business. This will not work for me and now I dont know how to fix this. Anyone have any ideas?

Re: I filed my 2020 tax through Turbo Tax self employed

Mike9241 — Sun, 21 Mar 2021 07:14:22 GMT

if you operate two businesses as a self-employed owner you need to complete two schedule C's one for each.

Re: I filed my 2020 tax through Turbo Tax self employed

AnnetteB6 — Sun, 21 Mar 2021 12:41:17 GMT

As mentioned by Mike9241, if you operated two self-employed businesses that were not similar to one another, then you will need to enter two Schedule C Business Income and Expenses as part of your tax return. If you only reported the income and expenses from one business before filing your return, then you will need to file an amended return to add the second Schedule C.

As of today, the amended return Form 1040X has not been released for 2020 tax returns. Take a look at the TurboTax article below and click the link in the article to register your email address to be notified when the form is ready. After the form becomes available, the article will update with instructions for how to amend your return.

How do I amend my 2020 return?

@kategordon

Re: I filed my 2020 tax through Turbo Tax self employed

kategordon — Sun, 21 Mar 2021 17:34:51 GMT

Just to be sure that I am understanding everything you said:

I need to wait until the 1040 x forms are available to ammend my turbo tax filing.

First of all if that is correct-which I certainly hope it is, where did I go wrong in my filing? I did already enter all my earnings and expenses for both companies separetely on my turbo tax self employment edition. I suppose I had to choose what my principle business was and I selected one over the other but they were both of equal value as businesses. Does Turbo tax even allow a person to submitt two separate schedule C's? Id be most greatful to find this out. Also if you have any idea if turbo tax will give me back that portion that I fillec out which included all my second business profit and losses as I can not seem to down load that portion,,,only what was filed

Re: I filed my 2020 tax through Turbo Tax self employed

ColeenD3 — Sun, 21 Mar 2021 18:15:46 GMT

Yes. TurboTax allows for the completion of two Schedule Cs. You have to go through the entire process for the first one and be completely done before you begin the second. You will have to amend to include the second business. You don't have to choose a principal business. If you filed in the online version, those boxes are there for people who don't understand that any work-related income not issued on a W-2 is a business, no matter what they consider it to be.

As to this question... Also if you have any idea if turbo tax will give me back that portion that I fillec out which included all my second business profit and losses as I can not seem to down load that portion,,,only what was filed... I'm not sure what you mean. Can you clarify that?