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mreeves89
New Member

I had a business several years back that I worked for a year but never made a profit. Turbo Tax has forced me to leave it on every year. Why must it remain on my taxes

The notification I'm getting states:"We Need to Keep These Income Items" 

The description says "The following items contain information from 2016 that we need to prepare your return this year. Even though we can't remove them, don't worry. You can review them when you come back to the income section."


Except the business was defunct in 2016, and 2015, all the way back to at least 2010.  Have I been doing something incorrectly that requires this to remain on my taxes?

1 Best answer

Accepted Solutions
maglib
Level 10

I had a business several years back that I worked for a year but never made a profit. Turbo Tax has forced me to leave it on every year. Why must it remain on my taxes

You need to select that you sold or disposed of it in TurboTax

  • Under the business tab> business income and expenses> Profit or loss for business.
  • Select the business that you want to eliminate and edit the information
  • Business summary page select business profile
  • Select "disposed of business in current year" and enter your information. Select "sold/disposed on business in   even if you got rid of the business in a prior year. (You will need to select this option even though you actually closed it in 2013. This is because you haven't closed it with the IRS until you file a final Schedule C (see screenshot)

This will generate a final Schedule C for the current year and you should not have any more information about this business flowing through to next year.

View solution in original post

1 Reply
maglib
Level 10

I had a business several years back that I worked for a year but never made a profit. Turbo Tax has forced me to leave it on every year. Why must it remain on my taxes

You need to select that you sold or disposed of it in TurboTax

  • Under the business tab> business income and expenses> Profit or loss for business.
  • Select the business that you want to eliminate and edit the information
  • Business summary page select business profile
  • Select "disposed of business in current year" and enter your information. Select "sold/disposed on business in   even if you got rid of the business in a prior year. (You will need to select this option even though you actually closed it in 2013. This is because you haven't closed it with the IRS until you file a final Schedule C (see screenshot)

This will generate a final Schedule C for the current year and you should not have any more information about this business flowing through to next year.

View solution in original post

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