Sch C loss

[iDude25]

Using Turbo Tax Online and my Sch C loss does not show up on tax summary?

[AmyC]

When you look at your tax summary:

Look at 1040 line 8 for additional income from Sch 1. Your business income should be included in that number.

Business income is  listed on Sch 1 line 3. This will be your complete business income.

Conditions affecting visibility: 

• if you business has $0 net income, it will not show, 
• if you failed to check the at-risk box when you have a loss - it will not show. Only a loss at risk can be used against income.

To print or view  your forms, including all worksheets:

• In desktop, switch to Forms Mode. 
• For online:
  1. On the left side, select  Tax Tools
  2. Select Print center
  3. Select Print, save or preview this year's return
  4. If you have not paid, select pay now.

[iDude25]

I have answered at risk question and loss is still not reducing taxable income?

 Do I have to pay Turbo Tax fees first?

[PatriciaV]

No, you can preview your return in TurboTax Online before you file or pay.

1. Open your return, in the left column, click on Tax Tools and View Tax Summary.  
2. Click on Preview My 1040 on the left column to reveal the main pages of your return.
3. Scroll down in the smaller window to see Schedule 1 Line 3, which should be your business loss.
4. Click "Back" in the header to return.

To view all the forms in your return, go to Tax Tools >> Print Center and pay for your return.