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Apple75
Level 1

business code for marijuana manufacturing

My company is engaged in marijuana manufacturing. What activity code should I use in turbo tax? Is there any form I need to use for this business other than the forms used for normal business. I know under 280E, all expenses are non deductible. Should I still enter the expenses in deduction? or just skip it. However, expenses are deductible in my state, should I enter all expenses just on state return? 

 

thank you

Lynn

3 Replies
tagteam
Level 15

business code for marijuana manufacturing

rjs
Level 15
Level 15

business code for marijuana manufacturing

Since there is no code specifically for marijuana manufacturing, I suggest using code 339900, Other Miscellaneous Manufacturing, for your manufacturing business. (I assume that you truly mean manufacturing, not growing, which would be farming.)


Is your business a sole proprietorship, single-member LLC, multi-member LLC, partnership, S corp, or C corp? Are you asking about your personal Form 1040 tax return or a Form 1065, 1120, or 1120-S?

 

Apple75
Level 1

business code for marijuana manufacturing

My business is C-corp, I am filing for 1120.  IRS code 280E strictly disallow any expenses except COGS deductible. What kind of costs should be capitalized and goes to COGS? 

Thank you!

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