Solved: My 2015 return included Forms 1040, 2210-F, Sch F, Sch J, Alternative Minimum Tax Depreciation and 8903 (prepared by local CPA) Which version TurboTax would I need?
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farmer91
New Member

My 2015 return included Forms 1040, 2210-F, Sch F, Sch J, Alternative Minimum Tax Depreciation and 8903 (prepared by local CPA) Which version TurboTax would I need?

For 2016, I do have W-2 income, 1099 income and also some farm income from sales of corn and soybeans.  Have no idea how to move the depreciation amount for pick up forward for 2016 - but do have 2015 schedule included in return. Always allowed accountant to prepare return but want to go with TurboTax - can't afford CPA :(   Which product is best for this situation and is there a tutorial included with the product?     I had to select a product below to move forward to submit - I do NOT have the product, want to know which version is best suited.  It seems the self-employed version is what I need?
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Cattlerancher
New Member

My 2015 return included Forms 1040, 2210-F, Sch F, Sch J, Alternative Minimum Tax Depreciation and 8903 (prepared by local CPA) Which version TurboTax would I need?

I was in your shoes ten or twelves years. Tired of paying a high priced CPA firm when I felt he had my taxes done before I left his office (using his own tax software). I did the hard part by bring all the year end numbers to him. If this is your first year, I highly recommend using TurboTax Home & Business (the desktop version). It has several features that the online versions do not provide. Getting it at Amazon or Costco early in the season will be your best price.

So long as you have last years Depreciation Report you can enter all of you farm assets into TurboTax accurately. Once they are entered and the depreciation matches up with what your CPA has been using, TurboTax will automatically calculate current year allowed depreciation. Remember you are required to take depreciation and required to report the sale or disposal of depreciating or depreciated assets (often called business property). So keeping a Depreciation Schedule/Report up to date is important and it's all built into TurboTax. It does take some time, effort and learning. There are lots of resources, one of them this forum. There are many people here to help but it is your responsibility to be sure you are doing it right.

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2 Replies
Cattlerancher
New Member

My 2015 return included Forms 1040, 2210-F, Sch F, Sch J, Alternative Minimum Tax Depreciation and 8903 (prepared by local CPA) Which version TurboTax would I need?

I was in your shoes ten or twelves years. Tired of paying a high priced CPA firm when I felt he had my taxes done before I left his office (using his own tax software). I did the hard part by bring all the year end numbers to him. If this is your first year, I highly recommend using TurboTax Home & Business (the desktop version). It has several features that the online versions do not provide. Getting it at Amazon or Costco early in the season will be your best price.

So long as you have last years Depreciation Report you can enter all of you farm assets into TurboTax accurately. Once they are entered and the depreciation matches up with what your CPA has been using, TurboTax will automatically calculate current year allowed depreciation. Remember you are required to take depreciation and required to report the sale or disposal of depreciating or depreciated assets (often called business property). So keeping a Depreciation Schedule/Report up to date is important and it's all built into TurboTax. It does take some time, effort and learning. There are lots of resources, one of them this forum. There are many people here to help but it is your responsibility to be sure you are doing it right.

View solution in original post

farmer91
New Member

My 2015 return included Forms 1040, 2210-F, Sch F, Sch J, Alternative Minimum Tax Depreciation and 8903 (prepared by local CPA) Which version TurboTax would I need?

Thanks, Cattlerancher - yes, 1st year jumping out of CPA nest.  All data on single sheet of paper and I agree - he had the info plugged in before I got out of the driveway.  Appreciate his work but his fee is now a house payment.  Need a new plan.  Thanks for your suggestions.
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