Yes, you can deduct your expenses on Schedule C Business Income and Expenses. If you wrote the book in 2020, then you essentially started your business as a writer that year and had expenses to claim related to your business.
After your book is published, you will report your income from writing on Schedule C as well as long as you continue your business as a writer.
Use the following steps to get started:
- On the top row of the TurboTax online screen, click on Search (or for CD/downloaded TurboTax locate the search box in the upper right corner)
- This opens a box where you can type in “schedule c” and click the magnifying glass (or for CD/downloaded TurboTax, click Find)
- The search results will give you an option to “Jump to schedule c”
- Click on the blue “Jump to schedule c” link