Tax Year Prior to 2020: TT says it will calculate the 50% allowable for meals on Schedule C. It does not appear to be doing so. Do I have to do the calculation for the 50% allowance for meals?

[JulieC14]

TurboTax will calculate the meals at 50% on your tax return if they were entered in the 50% meals category section of the software.  But, please note, that initially when all your expenses are displayed in TurboTax on the summary screen for that business, the full amount of the expense (100%) will be shown.  But, only 50% of the meal amount will be used as a deduction on Schedule C.

For example, if $5000 was entered for Revenue of a business and $500 in Meals expenses, I would see both amounts listed on the Summary screen for that business.  But, when I continue through the program and look at a work summary screen for all self-employed business activity, I would see $4,750 as revenue ($5,000 less 50% of the meals which is $250) which shows TurboTax is recording the meal deduction at 50%. 

You can also check this by previewing your 1040 form and seeing what is reported as net business income from Schedule C.  Here are steps to preview your 1040 form in TurboTax Online versions:  How do I preview my TurboTax Online return before filing?

[Edited 12/31/19|2:49pm]