I have a small Schedule C on the federal return. Net income of $3,054. When preparing the Ohio return, it is using that $3,054 as a negative adjustment on the Schedule of Adjustments. Is that correct?
This is the first Ohio return I've prepared and I feel i must be doing something incorrectly. Would appreciate your feedback. Thank you.
Adding screenshots from the Ohio 1040, IT Bus, Fed/State Depr Adjustment, and the Schedule of Adjustments.
From Ohio website. https://tax.ohio.gov/individual/Business-Income-Deduction
Ohio taxes income from business sources and nonbusiness sources differently on its individual income tax return (the Ohio IT 1040). The first $250,000 of business income earned by taxpayers filing “Single” or “Married filing jointly,” and included in federal adjusted gross income, is 100% deductible
Thank you. Ohio is business friendly.
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