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Old 02-10-2017, 09:32 AM
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Boymom Boymom is offline
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Default Turbo Tax Taking Time/Space % Off Income

Hello!

Turbo Tax is taking the time/space % off of the daycare income I received last year. It didn't do this last year. Is this a new thing? I couldn't figure out what was going on at first, but then I clicked on forms and there's a form called 8829 Worksheet that TT automatically filled out that's different from the regular 8829 worksheet. It's section 2 on the 8829 worksheet and it says "Calculation of business income limit when part of gross income is from a place of business other than this home office." I only used my home for the daycare. I can't figure out what I did wrong! Line 1 shows my gross income and then line 2 shows my time/space % and it's taking it off my gross income.

Thanks!
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Old 02-10-2017, 10:52 AM
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Boymom Boymom is offline
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Actually, I just found the problem.

I'm not able to deduct all of my expenses. TT says that I have a home office deduction carryover to 2017. I closed my daycare in December, so I wasn't planning on doing daycare taxes in 2018 for 2017. Is there anything I can do to write off all the expenses so I don't have to worry about this carryover next year?
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Old 02-10-2017, 11:14 AM
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TomCopeland TomCopeland is online now
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Default Turbo Tax

Quote:
Originally Posted by Boymom View Post
Hello!

Turbo Tax is taking the time/space % off of the daycare income I received last year. It didn't do this last year. Is this a new thing? I couldn't figure out what was going on at first, but then I clicked on forms and there's a form called 8829 Worksheet that TT automatically filled out that's different from the regular 8829 worksheet. It's section 2 on the 8829 worksheet and it says "Calculation of business income limit when part of gross income is from a place of business other than this home office." I only used my home for the daycare. I can't figure out what I did wrong! Line 1 shows my gross income and then line 2 shows my time/space % and it's taking it off my gross income.

Thanks!
Here's part of an article I wrote about TurboTax:
"The next screen is entitled “Business conducted in home office” and directs you to “Enter the percentage of time you spend conducting business in the home office.” You should enter 100% here. What they are not asking is how many hours you spend on business activities in your home (your Time Percent), but rather how much of your business is conducted in your home, versus somewhere else." So, you should have entered 100%. That should fix the problem.
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Old 02-10-2017, 11:24 AM
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Thank you so much, Tom! That completely fixed my numbers yay! Your Tax Workbook and Organizer has been a huge blessing to me since having my daycare. Thank you for your help!
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