I have a sole proprietor who has disposed of their business during the tax year. Where can I indicate that the Schedule C will not be needed in future years?
If the taxpayer has closed or disposed of their business during the tax year, you can indicate this on the Income tab > C- Self-Employment Income screen of data entry. On this screen, there is a check box on the right side of the data entry screen that reads, Taxpayer disposed of business during 20YY.
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Checking this box does not have an impact on the current year Schedule C calculation, but it will prevent the Schedule C from updating to the next tax year when the client's return is updated within Drake Tax.
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