Question

Why did my tax due go up? Wife's business had negative income?

Forum|Forum|6 years ago
March 30, 2020
1 reply
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I have been a TT user for years. Last year (2018) we closed our business and she started a new one in 2019. I have a full time real job and she started on on-line business. I owe 3k in taxes still for 2019. I then entered her business with income of only $12k and costs of $12,500 (net loss of $500). With that, our shared tax burden went up to $3.5k? How is it that we lose money on her business and have to pay more taxes?

TurboTax Home & Biz Windows

ReginaM

If you are referring to the Refund Meter at the top left of your screen, this is an estimate only based on information that TurboTax has at the moment. As you enter more data, this number changes continually through the tax preparation process.

You might want to review the details of your return while in TurboTax follow these steps:

While in your Tax Home,
Tax Tools on the left hand side of your screen,
Select Tools,
Select View Tax Summary,
Select Preview my 1040 on the left hand side of your screen.

If you haven't filed your return, you can change anything in TurboTax by going back to the area and the item that you entered and select Edit next to it.

If you have filed your return you can not change anything in TurboTax. If you find any errors, you will have to file an amended return to correct it. For information on how to file an amended return use this link: How to file an amended return.

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