My dad owns a business and 2 years a go did fairly well, so we earned a 6 digit income, but last year the business did very poorly and our total income is a negative 6 digit income. I attempted to put the negative income in the box, but the total number it doesn’t fit. What should I do?
Enter zero
That is correct. There is no such thing as negative income. However, you can have negative t"axable income". Be aware that if your parents have a business and negative taxable income, the online NPCs may not work properly for you, as college’s require you to add back certain of the deductions that took taxable income into the negative.