Edit the business in the "Income & Expenses" tab and then edit the name in the "General Info" section.
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I had a similar problem. I changed the business name by editing it in "Business Income and Expenses" .. "General Info" and the new name showed in the business info, but the old name still appeared in form 8995. To fix it, I had to do the following:
1) Save a copy of the TurboTax file under a different name and work with the newly saved file (for safety purposes in case something goes wrong).
2) Click on "Update" in "Business Income and Expenses" .. "Form C, Form 1099-MISC".
3) Click on "Add Another Business" , and fill out the info for it. Since the old and new businesses are both sole proprietorships, I used the same EIN as for my old business, otherwise you might need to get a new EIN.
4) I had sold my old business a couple of years ago, so I deleted it from the list of businesses.
5) Click on the "Edit" button and update the new business with with the necessary info.
After I did this, the correct name appeared on form 8995. Also, TurboTax made it fairly easy to pick up the info from the old business, such as 1099-MISC forms.
Yes, that works.
A few things to double-check~
1. It is best to close the old Schedule C and start a new Schedule C.
- Unless your goal is to aggregate businesses
- Depreciation of any assets in the old business should be stopped by marking all as converted to personal use; the new company, if still using these assets, should depreciate only the remaining life of the asset. If Section 179 was used, it must be recaptured.
- The old business should have been identified as disposed of in the Business Profile section. From the Business Income and Expenses area, follow these steps:
- Business Profile click Update
- Scroll down (fourth "Edit") to Disposed of Business in Current Year the year the old business was disposed of and click Edit.
2. A shortcut to updating Form 8995 would be to delete the old form.
- From the Forms view, click Open Forms
- Type in Form 8995 and click to open
- On the bottom of the window, click Delete a Form
3. Return to the Business Tab in Step-By-Step. Revisit your input for the year to generate a new Form 8995.
Click on the link to read more about the Qualified Business Income Deduction
Discussion about Schedule B-Aggregation of Business Operations--be sure to see TurboTax Expert DavidS127's suggestions for TurboTax Desktop if you are needing to aggregate
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