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There is a farm summary and a farm-rental summary. Are you sure you have entered the expenses/income in the correct sections of TurboTax? If you are still experiencing an issue, please let us know what version you are using.
Farmers can forgo making estimated tax payments from their income as long as they file and pay their taxes by March 1st. In order to qualify for the March 1st deadline, two-thirds of your income must come from farming or fishing. For further information, please refer to the IRS website for the most current information for those impacted by natural disasters.
Yes, I see that and understand the difference. The phrase 'operate a farm' is confusing. It means actually DO the farming and throws you into the wrong (for me) territory. I deleted both forms and started over. That may be why it sometimes shows nothing in my 2022 column. The farm name may not be exactly the same as before.
I am using TT H&B on a Lenovo notebook computer and there are no pending program updates as of 1/17/24. Is that what you mean by version?
When I go into Business Income and Expenses TT shows 2022 numbers for Farm Rental Income and Expenses and zeros in the 2023 column. I click Update and select ‘share of production’ and ‘did NOT materially participate’. I click Edit on the farm name and enter the income and expenses. When I Continue I see the values I entered for Crop income and the expenses. After that page the Farm Rentals Summary page shows zeros for 2023 and the same number for 2022 (I haven't checked that previous return to assure that it’s the correct number). I switch to Forms view and the 4835 has the numbers I entered. Please explain how to fix this in the Step by Step interface.
There is no need to fix this in step by step just as long as the 4835 has all the correct information. If it is on the form, then the correct information will be sent to the IRS regardless on whether or not it appears in a summary page in step by step.
Version refers to the Turbo Tax product you are using and you stated that you are using TT Home and Business version of the software.
As a former software developer, it's difficult for me to believe that no one at Intuit cares that the step-by-step user interface has a bug — incorrectly showing current status of totals the user just entered. I hope I provided enough information to either reproduce the problem or let me know what I doing wrong (since it worked correctly for me last year). I do appreciate that the data is getting through the step-by-step interface to the Form 4835.
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