Question

I filed for the first time as a self-employed aka business last year. I had a negative profit of -1700.00

Forum|Forum|6 years ago
March 24, 2020
1 reply
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or so. I was offered the opportunity to use my losses towards years prior tax debts owed to the IRS or to carry it on for years to come and apply it to any debts I may incur. I had owed the IRS around

TurboTax Self Employed Online

JohnB5677

You seemed to have been cut off, but I think you were going to say you owed and had not paid all of your taxes last year. If you amend your return you can carry the loss back and reduce the amount that you owe.

If you intend to amend your return, here is how to get started.

If you've filed your return and need to add additional information, then you will have to prepare an amended return in TurboTax.

If you used TurboTax Online, simply log in to your account and select “Amend a return that was filed and accepted.”

If you used our CD/download product, sign back into your return and select “Amend a filed return.” You must file a separate Form 1040X for each tax return you are amending.

Amend ONLINE OR Amend CD/Download Amend 2016 - 2019

You will have to mail the amended return. The IRS limits the system to only one Social Security number or Tax ID to be E-Filed. This is to guard against fraudulent tax returns.

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