Are crop insurance proceeds taxable for Farm Rental form 4835, Line 5? I thought they were, but this year TT has put 0 in the "taxable amount" for line 5b even though the "amount received in 2020" 5a shows an amount.
Is this something new for 2020?
You'll need to sign in or create an account to connect with an expert.
There is an election available to defer the taxability.
Look at the actual form line 5c and then 5d.
Walk back through the questions asked by TT regarding any election to defer to make sure you have answered this correctly. The default byTT may be to defer.
In the end, you need to determine if you want to tax in 2020 or defer to 2021.
Thanks Rick for your suggestion. However I DO NOT have option selected to defer to 2021. Here's a partial screenshot of Line 5. Is this a TT programming error? I looked back at previous TT years and whenever there were crop insurance proceeds, the amount was taxable.
Turbotax support confirmed problem with no option to defer or not defer taxable proceeds. Look for update in form and step-by-step in near future.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
knownoise
Returning Member
Mountain Pursuits
New Member
rhalexda
Level 2
knownoise
Returning Member
obeteta
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.