Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Mar 20, 2021 10:41:41 AM

Does Turbo tax automatically exclude non profit income from tax return

Does Turbo tax automatically exclude non profit income from tax return

0 5 599
5 Replies
Expert Alumni
Mar 20, 2021 11:03:58 AM

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. 

 

 

 

Returning Member
Mar 5, 2022 11:22:14 AM

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

Returning Member
Mar 5, 2022 11:29:10 AM

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.

Returning Member
Mar 5, 2022 11:31:45 AM

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

Expert Alumni
Mar 6, 2022 8:55:45 AM

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.