turbotax icon
turbotax icon
turbotax icon
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Why is there a negative income amount under my self-employment income and expenses section

 
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
AliciaP1
Expert Alumni

Why is there a negative income amount under my self-employment income and expenses section

If you are certain you have entered your income and expenses correctly you can leave the loss there.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

4 Replies
KrisD15
Employee Tax Expert

Why is there a negative income amount under my self-employment income and expenses section

You must have had more expenses than revenue and are claiming a loss. 

 

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Why is there a negative income amount under my self-employment income and expenses section

Can I let this there or do I need to fix it some how?

AliciaP1
Expert Alumni

Why is there a negative income amount under my self-employment income and expenses section

If you are certain you have entered your income and expenses correctly you can leave the loss there.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Why is there a negative income amount under my self-employment income and expenses section

It's ok to show a loss on Schedule C.  It will be deducted from all your other income.   It's a good thing, for taxes at least.   Not for your business if you aren't making a profit.

Manage cookies