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Why is TurboTax applying taxes to my farm income twice? It adds tax when I enter the data in the Schedule F, then again during the final checks.
In this case, I am dealing with crop insurance proceeds, Sched F Part 6. I enter the amount in the business income section and TurboTax(TT) adds the calculated amount of taxes to the total tax I would potentially owe. I then input my expenses and deductions and get the taxes owed to $0. After I finish everything else and start running the final review, TT tells me I need to manually input the earlier amount from Part 6a into part b, then TT adds back in the thousands of tax dollars I just finished deducting. I feel it is counting that income and taxing it twice. It has done this the last 3 years.
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‎October 31, 2024
7:04 PM