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February 21, 2025
Question

How do I add my business that i opened and closed

  • February 21, 2025
  • 1 reply
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    February 21, 2025

     

    To enter your self-employment income from the business you opened and closed select the following:

    1. Federal
    2. Income and Expenses
    3. Show More next to Self-Employment
    4. Start next to Self-Employment
    5. Yes, to you have any self-employment income or expenses
    6. Enter the type of self-employment work you do and you can select that you use your name for your business
    7. In here you will be able to tell TurboTax that you both opened and closed your business in 2024.
    8. Click through a few more screens and you will get to a screen that says "Your XX info"
    9. Click Looks good
    10. Then you will come to a screen that says Let's enter the income for your business.  It will give you the option of 1099-NEC or Other self-employed income including the 1099K , cash and checks.  Here is where you will enter the money you receive.
    11. If you do not select one, it will not let you enter your income
    12. Enter your self-employment income on the next screen
    13. Continue and on the next screen click add expenses

    * Please note navigation may differ slightly depending on which version of TurboTax you are using*

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