All,
Context : trying to wrap up the filing of my Farm, which is part of an S-Corp.
Issue : when importing last year's data, TurboTax did not assign my existing asset depreciation to the 'Schedule F' activity, but rather to line 21 in my 1020S Form. I would like all depreciation to hit line 14 on my schedule F, so it is associated with all the other Farm expenses. I tried to go into Form 4562 (Depreciation & Amortization) and all the underlying worksheets by asset, but it doesn't allow me to change the activity from "1021 Line 21" to "Schedule F". Does anybody know a workaround on how to do this ? Not importing data the same way as it was reported last year seems to be a serious flaw, I am not eager to re-enter all my assets again, which really defeats the purpose of buying TurboTax.
Thank you in advance for your help.
Have not been able to find a solution for this, very, very disappointing. Note to myself : do not buy Turbotax next year, manual tax filing might actually be quicker if the program can't deal with importing previous submissions and put them in the correct Form....
Has there been anything updated in Turbo Tax Business to link assets to Sch F since this was posted? Same problem.
Is this an 1120-S like the original post? Despite what TurboTax does, Schedule F is not supposed to be part of the 1120-S.
Yeah sorry wrong wording - it’s not technically a Sch F but they do call it a “Farm Profit or Loss Schedule” and I’ve seen them filed with 1120-S’s before. It flows through to Page 1 but without the detail.