TurboTax

File with experts
File your taxes
Experts at your fingertips

An expert helps with your taxes, or does them for you
TurboTax Expert Full Service

TurboTax Expert Assist

TurboTax Self-Employed
Prior year taxes
File myself
File myself
Do it yourself

We'll guide you step-by-step
TurboTax Do It Yourself

TurboTax Self-Employed

TurboTax Desktop
TurboTax Free

Activate your product

Prior year taxes
Business
Business
Business taxes

Get your T2 corporate return done right, your way
TurboTax Business

TurboTax Business Desktop
Tax situations
Tax situations
Tax situations

Find extra guidance for your big life moves
For investors

For 25 and younger

For self-employed

For new to Canada

For life changes
Resources
Resources
Resources

Explore tax tools, get tips, and read reviews
Personal income tax calculator

RRSP savings calculator

Learning hub

TurboTax support (FAQ)

TurboTax community
Pricing

Community

Question

Can you use a business loss to offset personal federal income tax

Forum|Forum|2 years ago
January 30, 2024
2 replies
0 views

I have a full time job w-2. I also started a s corp business and its a loss. Can I use my business loss against my w-2 federal tax

TurboTax Deluxe Online

Yes, your business loss from your S-Corporation will offset your earned income reported on your W-2.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

Maybe.

The loss could be limited to Basis limits, At Risk limits or Passive limits. But if none of those apply to your specific loss, then yes, after the corporation prepares its own tax return, the loss would flow to your personal tax return and offset other income.