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Tax Question

I have business loss of (5079) and W2 income of 1776.

I have filled out sch C and it is putting zero on 1040 line 12 and not (5079) or diff between 5079 and 1776. Or something. What am I doing wrong? I am working in IRS efile forms.

calbearnancy asked in Finance/Insure/Legal over 2 years ago | Report

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3 Answers

  • Wacomnikki_small
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    You might want to call the IRS' Telephone Assistance for Businesses line with this question. 800-829-4933, Monday–Friday, 7 AM-10 PM.

    Good luck!

    Vanessa N answered in Finance/Insure/Legal over 2 years ago | Report
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  • Pmkn_facesucker_small
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    Are you using a third-party website like Turbotax or Taxact, or are you using the "fillable forms" on the IRS page? The fillable forms are a lot like paper forms.. you have to do all the math, carrying forward amounts, etc. If you're using software or a website process, then I'm not sure if there is a glitch or if you answered a question wrong somewhere in there.

    Generally speaking, though, your 1040 should have your W-2 wages (1776) on line 7, and your business income/loss on line 12 (-5079). So you'll probably end up with a negative AGI and pay no taxes, but just make sure you fill out the Sch. C completely and correctly, because they look closely at big losses like that.

    meggo answered in Finance/Insure/Legal over 2 years ago | Report
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    Use TuboTax if you are eligible. Their program is still free if you make under a certain amount, and is much better and less confusing than the IRS efile forms.

    Bleuz answered in Finance/Insure/Legal over 2 years ago | Report
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