Massachusetts 2013: Schedule C Gross Profit
On a federal Schedule C (Profit or Loss from Business), a gross profit is total gross receipts/sales less costs of goods sold. The gross profit can be a negative amount.
Certain Massachusetts customers, who filed a return with a Schedule C, may have filed an incorrect Massachusetts tax return.
TurboTax has fixed this issue.
How to tell if you may be impacted
You may be affected if all of the following apply to you:
- You filed your Massachusetts state tax return prior to February 13, 2014 AND
- Your federal return includes Schedule C (Profit or Loss from Business) AND
- On your federal Schedule C, cost of goods sold on line 4 exceeds the gross income on line 3 AND
- Your Massachusetts Schedule C/C-1, line 3, Gross profit is zero.
If you are affected, you may have overpaid your state tax. You may need to amend your Massachusetts return.
To amend your return:
- Follow these step-by-step instructions.
- After you make the changes to your tax return, you will need to mail a copy of your amended state return.
- Your printed return will include instructions on how and where to mail it.
If you need to contact us, please use the phone number in the email from TurboTax and tell the representative you’re calling about the Massachusetts 2013: Schedule C Gross Profit