Schedule C Not showing loss

Forum|Forum|3 years ago
March 21, 2023
1 reply
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I have an operating loss on a side business. Initially turbotax showed this loss, and the loss was being used to offset W2 income. But after doing the turbotax review, I answered a question about at risk and now my schedule C is only showing zero (not a loss). anyone know how I can update this?

MinhT1

You have answered that your loss was not at risk, i.e. you are not bearing the risk of loss and TurboTax has applied the at-risk limitations and disallowed your loss.

As this is your business and you are bearing the risk of loss you have to answer that you are at-risk.

Revisit the business section and correct your entry.

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sakline7Author

I am having trouble finding how to change that on the web version of turbotax. Can you help me navigate?

HelenC12

At risk means you are using your own money for the business. There are a few places where you have to indicate your business involvement or that you at risk:

Log onto TurboTax.
Click on the blue Pick up where I left off button.
On the left navigation bar, click on Federal, Wages & Income.
On the Your income and expenses screen, scroll down to Self-employment income and expenses and Review.
On the Here's your XXX info screen, scroll down to General info and Edit.
On the Your XXX info screen, scroll down to Other situations.
At Actively participated in this work, select Edit. On the Tell us if any of these less common situations apply to this work screen, select None of these apply and Continue.
While still on the Here's your XXX info screen, scroll down to Uncommon situations, Carryovers, limitations, at risk information, etc. and select Review.
On the Do you have any of these other business situations? screen, select None of the above if you are at risk and using your own money in this business.
Continue with the onscreen interview until complete.