topic Does Turbo tax automatically exclude non profit income from tax return in Get your taxes done using TurboTax

Does Turbo tax automatically exclude non profit income from tax return

meosha-kimbrough — Sat, 20 Mar 2021 17:41:41 GMT

Does Turbo tax automatically exclude non profit income from tax return

Re: Does Turbo tax automatically exclude non profit income from tax return

ToddL99 — Sat, 20 Mar 2021 18:03:58 GMT

What do you mean by "non-profit income"?

TurboTax will exclude tax-exempt or non-taxable income only if it is properly entered as "non-taxable" in the TurboTax program.

Re: Does Turbo tax automatically exclude non profit income from tax return

Alinovator — Sat, 05 Mar 2022 19:22:14 GMT

if you have income from the dissolution of a non-profit Hunting Club where would report it in your turbotax generated return?

Re: Does Turbo tax automatically exclude non profit income from tax return

Alinovator — Sat, 05 Mar 2022 19:29:10 GMT

When the Hunting Club was dissolved the land owned by the club was sold and the cash on sale was distributed to the club owners. Based on long standing IRS rules, the land sale upon dissolution of a non-profit is not subject to federal taxation.

Re: Does Turbo tax automatically exclude non profit income from tax return

Alinovator — Sat, 05 Mar 2022 19:31:45 GMT

Where on the turbotax program is non-taxable gain dealt with?

Re: Does Turbo tax automatically exclude non profit income from tax return

ErnieS0 — Sun, 06 Mar 2022 16:55:45 GMT

Please clarify your question @Alinovator. Whose return are you asking about. A non-profit would file a Form 990, which is not supported by TurboTax.