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lewbryan
Returning Member

I would like to add a Form T (timber) to The Schedule F income section in my electronic filed joint tax return (Form 1040). How do I do it???

 
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3 Replies
Cindy0H
New Member

I would like to add a Form T (timber) to The Schedule F income section in my electronic filed joint tax return (Form 1040). How do I do it???

Unfortunately, Form T is not supported by TurboTax. From the instructions, I see that you will need to attach it to your tax return and mail it in.

https://ttlc.intuit.com/replies/3319876

The form:

https://www.irs.gov/pub/irs-pdf/ft.pdf

The instructions:

https://www.irs.gov/pub/irs-pdf/it.pdf

r41677040b
Returning Member

I would like to add a Form T (timber) to The Schedule F income section in my electronic filed joint tax return (Form 1040). How do I do it???

How do I add it to my electronic return?

BrittanyS
Expert Alumni

I would like to add a Form T (timber) to The Schedule F income section in my electronic filed joint tax return (Form 1040). How do I do it???

Unfortunately, Form T is not supported in TurboTax and must be manually completed and mailed with your return to the IRS.   Form Timber is used when a sale or deemed sale has occurred under IRC 631(a), 631(b).  

 

If your sale did not occur under IRC 631(a), 631(b), you can enter the sale in TurboTax following these steps, and Form T is not needed:

 

  1. Open (continue) your return in TurboTax
  2. In the search box, search for investment sales, then select the Jump to investment sales
  3. Answer Yes to the question Did you have investment income in 2022? (or Okay! to Time to kick off your investments!)
    • If you land on the Investment sales summary or Your investments and savings screen, select Add More Sales or Add investments
  4. Follow the on-screen instructions to either import your investment sale info or enter it in your return yourself
    1. If you choose not to import your form, on the OK, let's start with one investment type screen, select Other

For your cost basis, most people will enter a 0, but you could document what you originally paid for the seedlings or saplings.

 

For more information, see the link below:

 

Timber Sales

Form T

 

@r41677040b 

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