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Farm Income and Farm Rental shows "Not started" and shows $0 Income (Loss) despite the fact that I've started. Why doesn't this show up?

Livestock, grain, produce, custom work, co-ops $849.
Common farming expenses: $691
Farm Assets: $166.
I click Continue.
No, this farm income is not qualified.
Net Farm Income (Loss) shows $0.
Is this an error with Turbo Tax?
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1 Best answer

Accepted Solutions
JamesG1
Expert Alumni

Farm Income and Farm Rental shows "Not started" and shows $0 Income (Loss) despite the fact that I've started. Why doesn't this show up?

If you are reporting $0 income or loss, go back through the questions at the screen Did you participate?.

Follow these directions:

  • At the screen Farm Summary, click on Edit to the right of the farm activity.
  • Click on Update to the right of Farm Information.
  • Click through several pages until you reach the screen Did you participate?
  • Click on Easyguide and answer the questions.

You may be eligible for a qualified business income deduction. 

  • At the screen Your farming income and expenses, click Continue.
  • At the screen Is this qualified business income?, you may want to review the link on the page More info about what's considered a qualified business.

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

2 Replies
JamesG1
Expert Alumni

Farm Income and Farm Rental shows "Not started" and shows $0 Income (Loss) despite the fact that I've started. Why doesn't this show up?

If you are reporting $0 income or loss, go back through the questions at the screen Did you participate?.

Follow these directions:

  • At the screen Farm Summary, click on Edit to the right of the farm activity.
  • Click on Update to the right of Farm Information.
  • Click through several pages until you reach the screen Did you participate?
  • Click on Easyguide and answer the questions.

You may be eligible for a qualified business income deduction. 

  • At the screen Your farming income and expenses, click Continue.
  • At the screen Is this qualified business income?, you may want to review the link on the page More info about what's considered a qualified business.

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Farm Income and Farm Rental shows "Not started" and shows $0 Income (Loss) despite the fact that I've started. Why doesn't this show up?

That did the trick.  I guess I forgot to select Yes on "Did you Participate."  Thank you.

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