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Level 1

Can a business loss reduce your tax refund?

Are there situations where a business loss can actually reduce your tax refund? Both my wife and I work and have W-2s. I also have a home business that incurred a loss in 2019.

 

After entering all of our normal income (W2s), turbotax showed a refund due of roughly $4,500. However, after entering info on the business from my profit/loss form in Quickbooks, my refund dropped by $1,500. The business is showing a loss in turbotax of approximately $3,600.

1 Comment
QuickBooks Team

Can a business loss reduce your tax refund?

Welcome aboard to the Intuit Community, g8erh8er.

 

To determine why the tax refund dropped to $1,500, I have to review the data recorded in Turbo Tax. I’m unable to perform the process without asking for your sensitive information.

 

To straighten out the issue, I recommend contacting Turbo Tax Support Team. They can review the transactions entered into your account and help fix the issue.

 

Here’s how to reach them:

 

  1. In your browser, enter this link: https://support.turbotax.intuit.com/contact/.
  2. From there, choose the product question.
  3. Then, input the issue or topic in the field box and then hit Continue to complete the process.

I’m also adding a link where you’ll find tips and resources to help grow and manage your business smoothly using QuickBooks: Resource Center.

 

Let me know in the comment section below if you have any other concerns. I’ll be right here to assist further. Have a good one.  

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