Is there a way to change settings for an existing company to set it up as "Business" income instead of "Professional" without deleting the company and re-creating it?

pboitch · ‎October 29, 2019

Company created long time ago when I did not know the difference between "Business" and "Professional" income. In a one hand there is no monetary effect - I have been used accrued method and everything is correct money-wise. However, I would change settings to the proper income type. I did not find a way how to do it in TurboTax without deleting everything and re-creating? If somebody knows "how to" please share... Thanks!

TaxHelp5 · ‎October 29, 2019

Sorry, no, the only way is to delete the one business and re-enter it properly on the right type of business form.

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pboitch · ‎October 29, 2019

Thank you anyway! At least I know now...

Is there a way to change settings for an existing company to set it up as "Business" income instead of "Professional" without deleting the company and re-creating it?

Self-employed

Self-employed