Small Business, Farm & Startup Tax Forum

Business & farm

Quick Links for Self-employed & Gig Workers!

Having a business is both exciting and rewarding! But it can be confusing if you don’t know what it means for your tax returns. Whether you’re starting off and plan to conquer the world with your new business, have a side gig for a little extra cash,... read more

Form 7206

I have a business in my name and my husband has a separate business in his. We both file Schedule C with our 1040. He claims health insurance on his. Do we have to file a Form 7206 for each of our businesses or do we not have to file one at all? TT d... read more

My collect student earned $10,800 in 2023. The MA State return shows they owe taxes. Is this correct? I expected them to be exempt.

CO K1 Inputs don't match form?

Hello, Unfortunately I have a K1 with many states. The input regarding the K1 for Colorado is an outlier... The TurboTax interface asks about "Schedule K1 Increases" and "Decreases".How is this info gleaned from the CO Schedule K-1 Equivalent form? T... read more

Why does my California return have a Schedule C for my LLC in another state but that state doesn't have Schedule C?

I am a resident of California, but I have an LLC in Colorado. In past years, I have had no problem, but this year, TurboTax kept considering the LLC to be in California and added a Schedule C under California instead of Colorado. I have told TT that ... read more

Form 1040 Schedule B line 8, I ticked "beneficiary of more than 50% of a foreign trust", why does TT mark me as a guarantor, tranferor, or receiving a distribution?

Filling out the foreign accounts section in TurboTax, I ticked that I am a beneficiary of more than 50% of a foreign trust (I had a foreign pension whilst I lived abroad, which seems to be categorised as a foreign employee's trust). I did not tick th... read more

Schedule 1 Line 1 Error in Turbotax

In calculating Schedule 1 Line 1 on form 1040, TurboTax is not calculating this correctly. If you go to page 86 of IRS 1040 instructions you will get a schedule 1 line 1 worksheet. The calculations from that worksheet do not match up with TurboTax Sc... read more

Workaround for Bug: Schedule E Incorrectly Reporting Partner's Non-Passive Income from K-1

TurboTax Home & Business (Windows) is incorrectly reporting the share of income from a partner's K-1. But there is a workaround. The Bug: Schedule E misstates non-passive income reported on a partners' K-1. On line 28, column (k), it should be report... read more

K1 Trust nonresident

Amended my tax forms because received a K1 form 1041.After adding the K1 to income on the federal 1040x, the headline showed I owed 397. After printing and reviewing the forms, their is a 1040 SR, that has a signature block and /or but it has an owin... read more

Where do I enter the 1065 k-1 issued to a single member S corp on the 1120s return?

Where do I enter the 1065 k-1 issued to a single member S corp on the 1120s return? The 1065 k-1 only has data on line 1 for Net loss for the year. Since the s corp is single member pass through to my personal return do I enter on the 1120s or direct... read more

I have Excess business interest expense in box 13K on my K1 (form 1065). How does this affect my personal tax return? Can I dedcut it? Thank you!

Trying to complete NC State taxes related to SCHEDULE K-1. imported the K1 into turbotax , but questions don't give enough detail on where to add what info

Doesn't look like any of the info is imported with the form, and the way the questions are asked, doesn't align with the form

Personal Income section - Miscellaneous Income

In the section mentioned above, in the details in "more information" it has a line "Other taxable income" which I thought I needed to enter a small amount not reported on an NEC. Then when I opened that section to update, none of those listed items a... read more

'Materially Participate'

Am I going crazy? The responses in the top thread about 'What does 'materially participate' mean?' are pretending like they provide a clear answer.Look at this winner of a line in there:"Your participation was substantially all the participation in t... read more

Manual entry from K1 line 20 ZZ into Schedule E line 28 non passive loss column i

Using desktop version;The non-passive income from my K1 properly flows to schedule E line 28, but K1 line 20 ZZ entry of a non passive loss does not. There is an asterisk that tells me this must be made by a manual entry. However, when I open the Sch... read more