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arnieg53
New Member

The new Tax Law allows farmers deductions for sales to farm cooperatives. Big arguments on if it is 20% or gross or net. I don't see this handled in Premier TuboTax.

Not sure this article is accurate about the 20% tax deduction available to farmers selling through coops.   Big difference between 20% off gross vs. 20% off net.

https://www.washingtonpost.com/business/economy/democrats-balk-as-republicans-try-to-use-must-pass-s...

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AmandaR1
New Member

The new Tax Law allows farmers deductions for sales to farm cooperatives. Big arguments on if it is 20% or gross or net. I don't see this handled in Premier TuboTax.

This doesn't apply to 2017. It will apply to 2018 and the IRS will be issuing instructions for more guidance during the year. 

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2 Replies

The new Tax Law allows farmers deductions for sales to farm cooperatives. Big arguments on if it is 20% or gross or net. I don't see this handled in Premier TuboTax.

That will be included in the 2018 software.  It is not effective for tax year 2017.
AmandaR1
New Member

The new Tax Law allows farmers deductions for sales to farm cooperatives. Big arguments on if it is 20% or gross or net. I don't see this handled in Premier TuboTax.

This doesn't apply to 2017. It will apply to 2018 and the IRS will be issuing instructions for more guidance during the year. 

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