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alanrgreenberg
New Member

I downloaded self employment software by mistake. I dont have self employment income this year. Can you remove this?

I dont want to pay the extra cost for the self employment software, if I dont actually have self employment income.
8 Replies
Carl
Level 15

I downloaded self employment software by mistake. I dont have self employment income this year. Can you remove this?

Let me ask you this, if I may please. Assuming you did have SE income reported on your 2015 tax return, did you report the sale or disposition of your self-employment business on the 2015 return? If you did not, then the IRS is expecting a SCH C from you for 2016 - even if you had no SE income/expenses in 2016.
If you did not report the sale or other disposition of your SCH C business in 2015, then you'll need to either amend your 2015 return, or if you like I can help you to report it's disposition on your 2016 return. But you'll need TT Self-Employed for that, of course.
alanrgreenberg
New Member

I downloaded self employment software by mistake. I dont have self employment income this year. Can you remove this?

Business is no longer active. I will need to report the disposition in 2016. Your help will be appreciated.
Carl
Level 15

I downloaded self employment software by mistake. I dont have self employment income this year. Can you remove this?

When you start your 2016 return, go ahead and let it import all your 2015 stuff and when/if asked indicate that yes, you do have business income to report on your 2016 return.
When starting the business section on one of the screens near the beginning of that section, select the option for "I sold or otherwise disposed of this business in 2016". If asked for a sale date or date of disposition, just enter 1/1/2016.
When you get to the business part of the 2016 return, you'll show your business income as zero. You can't just leave that section blank either. You have to physically enter the digit zero in the Business Income section. For the expenses section, you can leave that blank.
If you claimed any business vehicle expenses, then you must work through that section and indicate that you stopped using that vehicle for business in 2016. Give it a stop use date of 1/1/2016.
If you claimed a home office for the business, then you must work through that section and indicate that you stopped using that home office in 2016 on 1/1/2016.
If you have any Business Assets/Assets Being Depreciated, then you must work through each individual asset one at a time to first indicate that you stopped using that asset in 2016. If you sold it, give it a sale date of 1/1/2016 and work on through the sale. If you did not sell it (assuming you just "closed the business" per-se) then you will report it's disposition as "removed for personal use" and enter a stop use date of 1/1/2016.
If your business carried an inventory, then your EOY (End of Year) inventory for 2016 must be zero. So if your BOY (Beginning of Year) inventory is above zero, then to show the disposition of your remaining inventory on your 2016 return, if you did not sell it, then show it as "removed for personal use".
Doing all the above will ensure that you properly and completely report the closure and disposition of your business, and 2016 will be the last year you will file a SCH C with your personal return for this specific business.
Now, it is EXTREMELY IMPORTANT that next year, when you start your 2017 tax return that you indicate that you do NOT have any business income or expenses to report. Failure to indicate that properly will automatically take to to the more expensive Self-Employed version of the program, and we don't want that to happen.
VolvoGirl
Level 15

I downloaded self employment software by mistake. I dont have self employment income this year. Can you remove this?

Just a small point.  You said you downloaded the software?  You don't download any of the Online versions.  You only download the Desktop program but Desktop doesn't have one called self employed, it's called Home & Business.
alanrgreenberg
New Member

I downloaded self employment software by mistake. I dont have self employment income this year. Can you remove this?

Well it asked me if I wanted to add "self employment" to my return this year and I am paying like $70 extra for this. That is what I meant. I didn't want to pay extra to file self employment, if I am not self employed.
Carl
Level 15

I downloaded self employment software by mistake. I dont have self employment income this year. Can you remove this?

Yes, I was a bit perplexed on that statement too. But my screen shows he's using online SE.
VolvoGirl
Level 15

I downloaded self employment software by mistake. I dont have self employment income this year. Can you remove this?

Ok, I was just checking.  "Download" and "software" normally mean a program you install on your computer and not done online.
DoninGA
Level 15

I downloaded self employment software by mistake. I dont have self employment income this year. Can you remove this?

If you have not paid for the online edition you are using, have not filed your tax return or registered the Free edition, then you can clear your return and start over with a lower priced edition.  Click on My Account at the top of the program screen while working on the 2016 online tax return.  Click on Clear & Start Over.

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