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Is SE income the only source of income you are reporting? If so, then you "MUST" work through the W-2 section of the program and select the option that specifically states "I don't have a W-2".
Also, in the business income section you *MUST* enter a digit, even if that digit is a zero.
Carl, I have the same issue but I have upgraded to self-employed and do not want to upgrade again. so, that being said, I have a full time job but also i have an e comm business which made zero dollars in 2019. ? There is no option in the income section to enter zero. where do and how do i enter zero for income for my ecomm? Thanks in advance.
In the income section of your self-employed business, choose Cash income to report. In the description enter Income or something similar and put 0 in the amount.
Turbotax allows me to enter but it does not show up anywhere
You shouldn't need to enter zero for income. Just don't enter any income. Income goes on Schedule C line 1. I. It probably doesn't fill in zero, just leaves it blank.
You can show 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.
Or you checked the box on 32b saying Some Investment is Not at Risk.
I entered income as $1 that allowed me to proceed with the Home Office expense category. And as you mentioned TurboTax won't allow me to take the deduction since there was no income. I might have checked the 32b box but I can't check because I don't see the form. Which section should I look under and how do I get the home office deduction even though I had no income yet? Thanks.
The "At Risk" box is in the Business Profile. Go to Special Situations and uncheck I did not actively participate in the operation of this business.
Easy. Step one. Make sure the version of Turbo tax you have provides a Schedule C. Then fill out the schedule C with your income and expenses. If your expenses exceed your income, you will have a minus income which you will enter on line 8 " other income"
I'm totally amazed that this information is not as well known. The IRS needs to have at least $1.00 in your tax return to receive it. You may be able to add this dollar one of two ways.
When we do tax returns for AARP Tax-Aide, we go to Additional Income (I can't remember the form) and add $1. For reason, we write, "TO FILE TAX RETURN." This will show up on one of the schedules and bounce to the 1040.
You may want to try this on your Schedule C under additional expenses, add $1 and write the same above explanation.
I hope this helps.
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