Solved: How could I download TurboTax Self Employed version?

I am not sure if yours is subsidized or purely voluntary to give you an answer. You can’t keep it open to avoid depreciation recapture. For the business itself, yes, it is usually okay to just not report it. For the current year, no, there would not be any recapture.

• Many drivers opt to do this through the Standard Mileage Rate (67 cents per mile beginning January 1, 2024), because it’s much simpler.
• However, the issue then is that the value of the computer exceeds my 1099-NEC earnings, so I was then asked during the review to clarify the “Investment at risk” boxes, which I am totally unfamiliar with.
• The name of the online product changed this year for 2016.
• But even if you don’t receive a 1099-NEC, 1099-MISC, or 1099-K, you’re still responsible for reporting all your income and expenses from self-employment on your tax return.
• These out-of-pocket expenses will offset (reduce) your earnings, lowering the amount of income you pay taxes on.
• We’ll help you get started or pick up where you left off.

How to import intuit self employed expense to Turbotax?

Both result in a full deduction of the cost to your business. 179 recapture is only required if business use of the property falls to 50% or less during the MACRS recovery period. For example, MACRS property with a normal depreciable life of 5 years will be fully depreciated in the 6th year of service. To receive guidance from our tax experts and community. You’ll need to sign in or create an account to connect with an expert.

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• The Self-Employed Edition is the old online version of Home and Business.
• The key to determining if you’re self-employed is to assess if you’re in business for yourself or are the owner of your own business.
• While the result of both options is a full deduction this year, expensing the cost has a definite advantage.
• Work-related expenses reduce your taxes by lowering the amount of self-employment income you get taxed on.
• I didn’t see the option to and entered the full value of the computer.
• But if/when you do sell the property, you will need to report the sale and any ‘gain’ will be depreciation recapture.

We’ll help you get started or pick up where you left off. When you’re self-employed, you may receive a 1099-NEC, 1099-MISC, or 1099-K from the person or business that paid you. You can’t write off these expenses if you’re not self-employed — for example, if you’re a household employee who was hired through an agency. The desktop software (CD/download) is still called “Home and Business.” The Self-Employed Edition is the old online version of Home and Business.

where do i put self-employed expenses

• But in the desktop editions, all editions can prepare Schedule C.
• Both result in a full deduction of the cost to your business.
• Generally if you have taken Section 179 Deduction for an asset, and then dispose of that asset before the end of its useful life (5 years for computers), you may be subject to Depreciation Recapture.
• That is one of the problems with these forums rather than going to a tax professional.
• I was supposed to have bought the software version that is for a single member LLC.

Work-related expenses reduce your taxes by lowering the amount of self-employment income you get taxed on. For example, if you made $50,000 in self-employment income and had $5,000 out-of-pocket expenses, you’d only get taxed on $45,000. If it’s directly related to the work you do, you can deduct it as an expense. quickbooks self employed login See the following section for a list of common expenses most self-employed taxpayers will want to review. I am going to give you the rules so you can see how your plan fits into the insurance for the business to see if it qualifies.

File your taxes, your way

I havent used them at all for personal or business use since i have been sick. There are two that have 1 year of their life left. You can enter Self QuickBooks Employment Income into Online Deluxe but if you have any expenses you will have to upgrade to Premium version. If you are using online TurboTax you need to use Premium. We also have instructions for entering your self-employment expenses in TurboTax. I’ve never done this before and so I want to make sure I’m not doing something wrong.

• Since you know you used the computer for other purposes, you should allocate the total cost based on the months you used it for business.
• Real experts – to help or even do your taxes for you.
• You may not think of yourself as running a business, but you’re considered self-employed if you engage in business-like activities.
• We also have instructions for entering your self-employment expenses in TurboTax.
• The desktop version (Home and Business) is more fully-featured.
• However, you can deduct each expense individually with the alternative Actual Expenses method.

I was supposed to have bought the software version that is for a single member LLC. But everytime I look for forms for example, I saw a question that said what version turbotax do I need to a schedule c, and the answer is self employed, but I have home and business. While the result of both options is a full deduction this year, expensing the cost has a definite advantage. Generally if you have taken Section 179 Deduction for an asset, and then dispose of that asset before the end of its useful https://www.bookstime.com/articles/quickbooks-proadvisor life (5 years for computers), you may be subject to Depreciation Recapture.

We typically only get a small bit of information, rather than knowing the entire picture, so the answers can be hit-and-miss because we don’t know all of the information. These out-of-pocket expenses will offset (reduce) your earnings, lowering the amount of income you pay taxes on. You have the option to either expense the computer or claim depreciation.

You are leaving TurboTax.

Since you know you used the computer for other purposes, you should allocate the total cost based on the months you used it for business. For instance, if you worked as an independent contractor for six months, then used the computer for personal projects for the rest of the year, you would claim only half (6/12) of the cost for the business. Unless the assets were past the Recovery Period (see Mike’s comment, but your original post indicated they have not done that yet), that CPA is advising you to not fix an incorrect tax return. Any recapture of Section 179 (or Listed Property) should have been on your 2022 tax return.