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Cbriggs33
New Member

Schedule SE self employment net profit from business

Turbo tax Self employed version 2022 schedule SE line 2 is incorrectly calculating my business profit. 

 

I have 2 businesses. One with a profit and one with a loss. Turbo tax is populating line 2 with profit from only one business instead of net profit from both businesses. 

 

How do I have turbotax check/ verify/ correct the program calculation? 

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4 Replies
ErnieS0
Expert Alumni

Schedule SE self employment net profit from business

Check whether the ask risk box is checked on the business with the loss.

 

  • Type sch c in Search in the upper right (the magnifying glass)
  • Tap Jump to sch c
  • On Your 2022 self-employed work summary, Edit your business
  • Go to Uncommon situations
  • Tap Edit next to Carryovers, limitations, at risk information, etc.
  • On “Do you have any of these other business situations?” Select None of the above, then Continue
  • Tape Edit next to General info
  • Scroll down to Other situations. Make sure Actively participated in this work is YES
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Cbriggs33
New Member

Schedule SE self employment net profit from business

Ernie, I  made the changes suggested and the SE Form line 2 amount did not change. The SE tax is being calculated on the full profit from business in lieu of the combined profit. 

ErnieS0
Expert Alumni

Schedule SE self employment net profit from business

Contact support. They can look at your return.

 

What is the TurboTax phone number?

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Schedule SE self employment net profit from business

2 things.   Are you married?  Make sure both Schedule Cs are under the same person.

 

Check the actual Schedule C.  Is it showing a loss on line 31?  Or is it zero?  If you are not showing a loss on Schedule C......
Some expenses, such as home office or section 179 depreciation can only be used to reduce your schedule C taxable income to zero, and not to create a loss. Excess deductions for these carry over to the next year. And you have to answer yes to both questions about exclusive and regular use, not just one. The area of your home office must be used regularly and exclusively for business to deduct it.

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