I purchased turbotax home and business assuming it would help with home office deductions, but I don't see where I can do that. Did I get the wrong version?
You'll need to sign in or create an account to connect with an expert.
The home office deduction is only for those who are self-employed, including gig workers and independent contractors Those who are employed by a company and receive a W-2 are not eligible, unless they have self-employment income in addition to the W-2.
“Employees who receive a paycheck or a W-2 exclusively from an employer are not eligible for the deduction, even if they are currently working from home,” the IRS said in a September 2020 reminder on the home-office deduction.
If you qualify for a home office deduction, to access it in TurboTax Home & Business, start TurboTax, open your return, and click on "Search". Type in "Home Office Deduction" and then click on "Jump to home office deduction". This will take you to the section of the program where you enter your home office information.
Thanks, although this wouldn't work in the program on my MacBook. I eventually learned to view form 8829 and enter the data manually.
The home office deduction is taken on the individual tax return not the business return. You would first prepare the business return, file it and then bring the k-1 into the personal return. On the 1040, you would further reduce your taxable income by adding the home office. Keep in mind, my instructions are based on you having Partnership or an entity taxed as an S Corporation.
For a single member LLC, follow the instructions in the prior reply.
I'm sole proprietor. I tutor online out of a home office in my attic. I was using 8829 under schedule C.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
user17521040998
Level 1
lorraine_otero
New Member
meanjeanslo88
Level 2
laurabyrd6554
New Member
jimhaynesfederaltax
New Member