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Does Turbo tax automatically exclude non profit income from tax return

Does Turbo tax automatically exclude non profit income from tax return
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5 Replies
ToddL99
Expert Alumni

Does Turbo tax automatically exclude non profit income from tax return

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. 

 

 

 

Alinovator
Returning Member

Does Turbo tax automatically exclude non profit income from tax return

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

Alinovator
Returning Member

Does Turbo tax automatically exclude non profit income from tax return

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.

Alinovator
Returning Member

Does Turbo tax automatically exclude non profit income from tax return

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

ErnieS0
Expert Alumni

Does Turbo tax automatically exclude non profit income from tax return

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.

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