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I have a net loss of around $15000 from a small business that I just started this year. Turbotax did not show any of these losses on my PA state return. Is this an error?
It appears to be correctly entered on my Federal return, but it is not appearing on my PA state return.
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posted
June 6, 2019
4:46 AM
last updated
June 06, 2019
4:46 AM
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I have a net loss of around $15000 from a small business that I just started this year. Turbotax did not show any of these losses on my PA state return. Is this an error?
In Pennsylvania, income is separated into eight classes. Deductions are allowed in each class of income only to the extent of the income in that class, so you can't use your business loss to offset other classes of income on your return.
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June 6, 2019
4:46 AM
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I have a net loss of around $15000 from a small business that I just started this year. Turbotax did not show any of these losses on my PA state return. Is this an error?
In Pennsylvania, income is separated into eight classes. Deductions are allowed in each class of income only to the extent of the income in that class, so you can't use your business loss to offset other classes of income on your return.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
June 6, 2019
4:46 AM
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