- Why Can't I Enter My Schedule C Income in TurboTax Business?
Why Can't I Enter My Schedule C Income in TurboTax Business?
TurboTax Business is not designed for sole proprietorships that file a Schedule C.
You CANNOT use TurboTax Business to file a tax return with any Schedule C income you have from a business. Instead, you'll need to use TurboTax Home & Business or TurboTax Premier to enter any Schedule C income.
TurboTax Business is a separate tax preparation product that allows you to file the following types of business income tax returns:
- 1120S - Subchapter S (S-Corp)
- 1120 - Corporation (C-Corp)
- 1065 - Partnership/LLC
- 1041 - Fiduciary
Business income for a sole proprietorship
You'll enter any income from a sole proprietorship (i.e. small business) on Schedule C of your individual income tax return ( Form 1040).
Many people who start a new business sometimes think they need to file a business income tax return (Form 1065, 1120, 1120S, etc.) when really they only need to file a Schedule C with their individual income tax return.
How to enter business income on Schedule C
To enter your business income in TurboTax Home & Business:
- Select the Business tab, then select Business Income & Expenses.
- In the Your Business Income screen, select the Guide Me Through Business button.
- Follow the on-screen instructions. You'll enter your business income and expenses including any 1099-MISC and 1099-G information.
To enter your business income in TurboTax Premier:
- Select the Federal Taxes tab, then select Income.
- In the Your Income screen, select the Select Specific Topics button.
- In the Your Income screen, select Business Income and Expenses, then select the Start button for Profit or Loss from Business.
- Follow the on-screen instructions. You'll enter your business income and expenses including any 1099-MISC and 1099-G information.
TurboTax Desktop Home & Business can help you track all of your business income and deductions when preparing your personal income tax return.
If you engaged in a business activity with someone else, other than as an employee, you may be considered a Partnership by the IRS. You would then need to use TurboTax Business to file IRS Form 1065. For help choosing which product to use, see our Product Selection FAQ or the TurboTax Buyer's Guide.
