Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
pboitch
New Member

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?

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! 

1 Best answer

Accepted Solutions
TaxHelp5
New Member

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?

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

View solution in original post

2 Replies
TaxHelp5
New Member

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?

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

pboitch
New Member

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?

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