I was an independent contractor with a home office. I retired as of January 1, 2021. In entering my 2021 tax return on Turbotax, I am still getting business information. I indicated that there was no longer a business and all the assets (phone, car, computer, printer, etc,) were not associated with the business.
Is there an IRS Form that I am missing or is there something in Turbotax that I need to indicate.
Thank you
See this TurboTax support FAQ for deleting a Schedule C that transferred from the prior year tax return - https://ttlc.intuit.com/community/using-turbotax/help/how-do-i-delete-a-prior-year-schedule-c-business-that-transferred-over/00/25628
If you were self-employed last tax year, it will carry over to this year. In order to delete this, you would have to delete the Schedule C form carried forward.
To do so, please follow the instructions below:
I have two things I can't reconcile. I am now retired and trying to end the home office section. TT asked me if I stopped using assets by editing each one and I said yes a/o 1/1/2022 yet it still shows DPN for 2022. Should I just delete the assets? Also I was self employed and trying to remove self employment. There just doesn't seem to be any entry for it. Please help
Yes, you can Edit the Assets and indicate 'converted to personal use'. You could try changing the date you stopped using to 12/31/2021 to not generate any 2022 depreciation, but it would be better in that case to Amend your 2021 return to report this. The small amount of depreciation generated for one day in 2022 will still generate a Schedule C for you, though.
Save the Forms 4562 that show Accumulated Depreciation for each asset as you will need these amounts if and when the asset is sold (including the house for Home Office).
In the 'Business Profile' section, you can indicate that you 'sold or disposed of your business in 2022'.
Here's more info on Closing a Business.