I have a new business formed in September 2024 that I developed (textplum.com). I have my EIN, bank account, expenses, etc, but no income to report 2024, how to proceed?

[ryanz]

When I put 0 in the cash / checks section, it treats it as an ignored response. How do I even report 0 income with turbo tax?

[DianeW777]

It depends. Do not enter a zero simply leave it blank, if you actually entered a zero be sure to go back to that space, then use the delete key to remove the entry.

As long as your business was open and operating in 2024, then expenses can be used regardless of no income. 

Tips for your business and 'start-up expenses'.

• Start-up Business Tax Tips
• Taking Business Tax Deductions

The key to start-up expenses is that the cumulative expense occurred before the business was officially opened for operations. You can choose a date reflective of that for the combined total of the start-up expenses.

Start up costs - if you had any expenses before you actually opened for business services such as legal fees, market study or organization fees.  

1. Amortize all of them over 180 months (IRC Section 195 Property)
2. ​​​​​​The IRS allows you to deduct $5,000 in business startup costs and $5,000 in organizational costs, the first year the business is operating, but only if your total startup costs are $50,000 or less
   • Add them as Business Expenses. Continue past the expense categories (or choose Other Miscellaneous Expenses) to the page titled "Enter Business Expenses Not Yet Reported" and enter the description & amount 
     • If you have more than $5000 in start-up costs, the remainder is entered under Assets/Depreciation as a capital asset for amortization as noted above

[ryanz]

When I back space out the $0 and hit continue, it takes me back to the Income screen with a gray box that says "you haven't entered any income for this work yet"  It doesn't take the backspaced entry as an entry, it treats it as a cancelled attempt to enter income

[DianeW777]

To be clear, did you use the delete key, not the backspace key. If you continue this experience and you would like us to review, see the information next.

https://www.irs.gov/instructions/i8606#en_US_2023_publink1000196541

If you would like to send us a “diagnostic” file that has your “numbers” but not your personal information it would help.  If you would like to do this, here are the instructions:  (Don't forget to give us the state)

TurboTax Online:

Open your return -Go to the menu panel on the left side of your return and select Tax Tools. 

1. Then select Tools below Tax Tools. 
2. A window will pop up which says Tools Center.  
3. On this screen, select Share my file with Agent. 
4. You will see a message explaining what the diagnostic copy is.  Click okay through this screen and then you will get a Token number. 
5. Reply to this thread with your Token number and your state. This will allow us to open a copy of your return without seeing any personal information.  

TurboTax Desktop:

If you like, you can send a copy of your return that will be scrubbed to eliminate your personal data by using these steps:

1. Click on Online in the top left menu of TurboTax CD/Download for Windows
2. Select 'Send Tax File to Agent'
3. Write down or send an image of your token number and state then place in this issue.
4. We can then review your exact scenario for a solution.
5. Please also tell us any states included in the return. This is necessary for us to view the return.

We will then be able to see exactly what you are seeing and we can determine what exactly is going on in your return and provide you with a resolution.