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

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

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

Were do i enter my entertainment expenses?

Were do I enter my personal entertainment expenese?

Where is mygross compensation code

How do I get rid of the Form 8919-T Questions? I don't qualify as a person who is required to file according to the list provided by the IRS. Do I just leave it blank?

Turbotax is asking me to file the Form 8919-T but I don't qualify under these reasons:You must file Form 8919 if all of the following apply:- You performed services for a firm.- You believe your pay from the firm wasn't for services as an independent... read more

I do not need a k1 but turbotax says i need to pay for a k1 premium fee

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.

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

I don’t understand what part III ON FORM 8453-OL

On form 8453-OL part III it shows several dates ? Like schedule payments

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

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

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