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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Check whether the ask risk box is checked on the business with the loss.
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.
Contact support. They can look at your return.
What is the TurboTax phone number?
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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