Why does the program doubling my farm income? I have deleted and re-entered it to no avail. I have tried closing Turbo Tax and restarting, but it always doubles the income. I am using a TurboTax Deluxe CD.
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Are you reporting this income in the SCH F section of the program? If so, is this farm rental income? Or self-employed farm production income for a farm that you own or rent from another?
Thanks for responding so quickly. The income is CRP rental income. I own the farm. I haven't run into SCH F section of the program. I think it is under business income and farming?
I think it is under business income and farming?
Yes. I'm using Home & Business, and the section is titled, "Farm Income & Expenses". That's where I expect you started entering data concerning this specific income. But depending on what you selected at the start of that section, you "may" have been redirected to the SCH E section of the program for reporting rental income & expenses.
Basically, if income is being double counted, the only possible reason for that with the CD version is because you are entering it multiple times. There's just flat out no other possibility.
Basically what you need to do, is where ever you "actually" entered the income (be it SCH F for farm income or SCH E for rental income) you need to go to that section *directly* and delete all income entered. Then re-enter it anew.
One thing you can do is when you're in a section, click the "forms" icon at the top right of the program to get into forms mode and see the actual forms and work sheets themselves. From there you can delete the actual forms and worksheets. Then switch back to step-by-step mode and try again.
Do note that with the income section, you "MUST" have at least one single entry, even if that entry is a zero. I have in particular found this to be true with the SCH E section of the program. You flat out can not leave the income section blank. It has to have "something" there, even if that "something" is the digit zero.
On the chance that you were "in fact" redirected to the Rental & Royalty Income (SCH E) section of the proram, elect to start/update that section. About three screens in you'll come to a screen titled "Rental & Royalty Summary". There you will see the rental property listed with a delete and edit button next to it.To the right of the edit button you will see the net income, not total income. If that number is to high, you can elect to edit that specific rental property. Then elect to update the "rental income" section, work it through and make changes as necessary.
For the question about income being reported to you on a 1099-MISC, if you select the option for "some" of the income was reported on a 1099-MISC, then you'll be presented, one screen at a time, all the possible places where you "might" have entered income that should not have been entered.
Your other option is to just change all income amounts to zero and work through the income section *completely*. When returned to the summary screen the "rental income" button should have a zero next to it. Then elect to update the rental income again, and enter the income you received.
You can just click that delete button and completely delete the rental and all associated information concerning that specific rental property. Then you can re-enter it anew.
It is self-employed farm production income for a farm that I own.
It is self-employed farm production income for a farm that I own
Thanks so much for your in-depth explanation Carl. This issue is solved and you gave me information that helped me to understand other problems that I was having with using TurboTax!
Glad to help.
The income is CRP rental income
I don't recall what CRP stands for, but it seems to contradict your "self-employed" statement. No need to explain. The important things is, "you" understand even if I don't. 🙂
@Carl wrote:
Glad to help.
The income is CRP rental income
I don't recall what CRP stands for, but it seems to contradict your "self-employed" statement. No need to explain. The important things is, "you" understand even if I don't. 🙂
Dear Macuser_22,
The link that you provided was very helpful! It really cleared some things up!
Thanks again!
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