Your income and expenses

[thebutler26]

Hello, 

This is my first time ever filing and everyone told me how great turbo tax is so here i am.  I was on a good streak and everything was going great until Your income and expenses.  I run a small DJ business and with Covid last year was rough and definitely had way more expenses than income.  I filled in all the income and expenses and everything shows up, but then when i go back into that section it shows that Your income and expenses is at $0 when i should have like over NEGATIVE $6000.  It was showing this number and i was showing a $2800 return federal then it somehow deleted that number in the summary section and is not taking that number.  I don't know what i am doing wrong.  

[JamesG1]

I suspect that you have selected that you are not 'at-risk' for your losses.

Follow these steps:

• Go to Federal / Income & Expenses / Your income and expenses.
• Click Edit / Add to the right of Self-employment income and expenses.
• Click Edit to the right of the self-employed activity.
• Click Edit to the right of General Info.
• Scroll down to Other Situations.
• Click Edit under Actively participated in this work.
• At the screen Tell us if any of these less common situation apply to this work, you may have selected I didn't actively participate.

Review this question.  Click None of these apply and your losses should be reported on your tax return.

[thebutler26]

Okay so yes this was the question that it told me to correct and I clicked “ I didn’t actively participate”. I did what you told me and went in general info and keep clicking “none of these apply” but it is not changing it. Once I click I say continue and when it goes to the next screen it keeps saying “yes”. When I say “looks good” and continue it is not adding this back onto return. 

[DianeW777]

You may need to review your answers one more time but not until you clear any cookies and cache.  The computer remembers data that you thought had been removed.  Sign out of your TurboTax return, then perform the following.  Once completed sign back into your return and check the results.

This works so often.

•  How to clear your cache

[thebutler26]

Hi Diane, 

I tried this 3 times in Sarari and Chrome and it still i not changing my answer, i don't know what to do next.  

[DianeW777]

The screen images are shown below and each time you choose to edit that particular field the check box will be removed from 'None of these apply'.

Next finish the section completely until you arrive back at the Income and Expense page then finish going through your federal return.  Lastly, take a quick Preview My 1040.

1. With the Tax Tools menu open, you can then:
   • View only your 1040 form: Select Tools. Next, select View Tax Summary in the pop-up, then Preview my 1040 in the left menu. 
   • Scroll to Schedule 1, Line 3 to see your Schedule C income (or loss).