You will need to delete those forms since the fields should have been left blank, not populated with zeroes. You'll be looking for a Schedule F. Following are delete instructions.
You will need to delete those forms since the fields should have been left blank, not populated with zeroes. You'll be looking for a Schedule F. Following are delete instructions.
I did not specify farm income when doing 1120S and I dont see any prompt of form where I might have. Suddenly, schedule F appeared. I removed it but still there is some instance that farming is involved.
On what worksheet on where in the step by step can I find references to farming?
At the very beginning of the set up of your 1120S, click on the tab at the top that says "Business Info" and then click on "About your Business" section (just underneath Business Info Tab). Make sure that the correct box is checked off, because if the first box is checked off, this will prompt the system to begin thinking it might be from farming. Therefore, if the first box (or circle) IS checked, proceed to the next screen and here it will ask you to specify "Select your product industry". Again, if "grower/farmer" is selected, then the system will "think" your business is in farming. Make sure that all checked boxes/circles are correct throughout this section. Once you have done this you should be all set.
Hello,
On TT business desktop, there isn't a first box or circle to check on that tab. There are a list of sections that can be edited one by one. The closest to what you are saying that I can see is Type of business, for which I have specified Construction Services, Product or service provided (General Contractor), and Business Activity code (Residential Construction)
I checked off Perform a service, not Make buy or grow products. The following screens ask about things like Disaster Areas, stock options etc. I don't see a single thing about farming. TT has been doing this for YEARS and normally I just delete the schedule F. This time however, there is no Schedule F in my forms, but the interview still prompts me about my "farm income" at the end of every single income and deduction section. I have no idea why assumption that there is farm income would be the default. If you have have any idea what is triggering this and how to tell the system I don't have a farm, I would greatly appreciate it. Thanks
If you don't have a farm and are being forced to enter farm income in TurboTax business, you might need to delete Schedule F.
Here's how:
I did that and it did not work. Thank goodness I had not saved. Clearly something happened to cause it and there was not way to stop it. To me that is a bug. Because it cannot be recreated on demand, Intuit will do nothing despite the fact that others have complained about the same thing.
I, too, have had this recurring problem for years with my1120-S, and again this year.
There is no Schedule F to delete.
PLEASE FIX THIS **** BUG ****
In TurboTax Business, I was able to create an 1120S tax return without reporting farm income or a Schedule F.
If you go to Business Info / About Your Business / Confirm Your S Corporation Info, What did you select as Type of business?
Under Which Options Best Describe Your Business, did you select Make, buy, grow, or raise products to sell?