Line 29 Schedule C Calculation Wrong

NoMadMike88 — Wed, 11 Mar 2020 13:22:15 GMT

I'm using Turbo Tax for my 2019 return. On line 28 I have total expenses of 161,551. Line 7 is 109,861. So shouldn't line 29 be a tentative profit of 51,690? Turbo Tax is saying 121,136. I'm owing about 20k more tax in 2019 than I did in 2018 even though my income went down. I'm trying to figure out why and I stumbled on the line 29 calculation.

Edit: Ignore this post. I realized that I was looking at Line 7 on a different form. Everything worked fine when I did the calcuations from the lines on the same schedule.

Re: Line 29 Schedule C Calculation Wrong

GiseleD — Tue, 10 Mar 2020 21:09:02 GMT

Are you trying to say that you have total expenses of $109861 and a total profit of $161551 for a balance of $51690? If so, line 29 will not always equal the total net profit/loss. This is because line 29 is Tentative profit or (loss). This means that your business use of home expenses have not been factored in yet. Line 31 is the line that shows your final Net profit or (loss).

For more information, Schedule C can be found here.

topic Line 29 Schedule C Calculation Wrong in Business & farm

Line 29 Schedule C Calculation Wrong

Re: Line 29 Schedule C Calculation Wrong