2451113
I have completed Schedule F as I have each year. At the end of the federal return it says it needs to review schedule F. The questions it is asking for clarification on are not listed in the TurboTax Schedule F interview. In addition, the questions it is asking to be filled out are incomplete and make offer no indication what its asking ("other exp amount" and "at risk" for example). There are no line numbers, no sections etc. TurboTax does not take you to the line of the form that its asking for clarification on. There is also no way to undo a wrong answer.
You'll need to sign in or create an account to connect with an expert.
Go back and reread the question on the at-risk.
You ARE at-risk - meaning that you are ultimately responsible for the debts and liabilities.
Based on your response "...it destroyed my refund...", I am assuming that your response to the way the question was worded is incorrect.
The tax world is difficult, and as much as TT does a pretty good job in helping millions get through their taxes, some situations, such as at-risk, are not easy areas.
This is certainly not the first year for having to address the at-risk rules. The rules have been around for decades.
Responses to your specific questions:
Thank you for your response. I've never been asked these questions before and I've been filing schedule F for 3 years. Secondly, you obviously know what these questions are through experience. However, when TT is asking the questions it is not displayed in the schedule f form in the little window. The actual line its asking about is not visible. So it's really a guessing game for those that do not have that level of expertise. As stated before I've never been asked the "at risk" question before. When I answered no it just destroyed my refund. Is this a new question for 2021?
Go back and reread the question on the at-risk.
You ARE at-risk - meaning that you are ultimately responsible for the debts and liabilities.
Based on your response "...it destroyed my refund...", I am assuming that your response to the way the question was worded is incorrect.
The tax world is difficult, and as much as TT does a pretty good job in helping millions get through their taxes, some situations, such as at-risk, are not easy areas.
This is certainly not the first year for having to address the at-risk rules. The rules have been around for decades.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
MissMLB
Level 2
toddrub46
Level 4
PadillaFam
Level 1
in [Event] Ask the Experts: Self-Employed Quarterly Estimate Filing
BobTT
Level 2
rsinflemington
New Member