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sunny5
Returning Member

Turbotax Self Employed 2020 does not prompt for Management and Administration Fees while recording expenses?

Management and Administration Fees showed up as a line of expense while doing the taxes for 2019 and before. However, Turbotax Self Employed 2020 does not prompt for Management and Administration Fees while recording expenses?
1 Reply
JEM0179
Returning Member

Turbotax Self Employed 2020 does not prompt for Management and Administration Fees while recording expenses?

While Turbotax 2020 does not prompt for management and administration fees, however, under self-employed you will see that there is a heading and a box to enter this expense. When logged into your TurboTax account, click on your 2020 tax return on the left-hand side you will see "income". Click on income then scroll down to "self-employed", click on self-employed. When you click on self-employed you will have the option to state whether your self-employed business is a professional, commission, or other business. Select the option which describes your self-employed business, then click continue. The T2125 - Business Statement page will pop up, scroll down to the expenses section. Under the expenses section, you will see the management and administration fee heading.

 

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