Question

Can self employed income be less than $0?

Forum|Forum|5 years ago
April 17, 2021
1 reply
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My wife made about $7,000 in 2019 and she took a home office deductions. In 2020 she made very little, but had $22,000 in pandemic unemployment assistance. After entering all data, income shows as $0. Is it possible to have a negative value given office expenses?

TurboTax Live Self Employed

D

DanaB27

Yes, if you have a business reported on Schedule C then you can have an income less than $0 (business loss). Please see What self-employed expenses can I deduct? for additional information.

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