I entered all detail but does NOT finally submitted my tax return yet. I earned Nothing in my self-incorporated company but expenses were $1190 in 2019. In SCHEDULE C Did you “materially participate” in the operation of this business during 2019? If “No,” see instructions for limit on losses = No Line#29 Tentative profit or (loss). Subtract line 28 from line 7. = -1190 Line#32 If you have a loss, check the box that describes your investment in this activity. If you checked 32a, enter the loss on both Schedule 1, line 3 = It's Checked on 32a SCHEDULE 1 Line#3 Business income or (loss). Attach Schedule C = 0 Also in Form 8995 1(i): Qualified Business Income or Loss = 0 My question is Should this loss of -1190 be considered in this 2019 return and should not be 0 ? Or If not possible due to any limit then Can I add this loss in my next year 2020 return? Please suggest.
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I am the ONLY person working in my family. My Wife is Homemaker and she did NOT worked anywhere in 2019. From Jan 10, 2019 till Dec 31, 2019 My employer deducted $3,500 from my salary for my HSA. From Jan 01, 2019 till Jun 10, 2019 I had Marketplace FAMILY Health Insurance from healthcare.gov (paid premium $791.90/Month from my pocket - without any deduction though employer) with Deductible (Individual / Family) = $6,550 and Maximum Out-of-Pocket = $13,100 So assuming myself qualified, Last week I deposited extra $3,500 into my HSA for 2019 Tax return. So it should become $7,000 for 2019 tax return. Correct? In my turbotax 1040 Line:8a Adjustments to income from Schedule 1, line 22 = 5500 SCHEDULE 1 Additional Income and Adjustments to Income Line:12 Health savings account deduction. Attach Form 8889 = 3500 Line:21 Tuition and fees. Attach Form 8917 = 2000 Line:22 Add lines 10 through 21. These are your adjustments to income. Enter here and on Form 1040 or 1040-SR, line 8a = 5500 Is it Correct ? Or it should be $7000 + $2000 = $9000 (Instead of $5500) ? Please suggest.
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