turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

RachelM
Returning Member

I have Farm income on a K-1 but turbo tax is saying I can't file farm income averaging since I have no farm income

I own a farm with my husband, we are an LLC taxed as a partnership, so our income is reported to us on K-1's. We have a Schedule F with our 1065 partnership return.  This year I'm trying to file schedule J with my 1040 to do farm income averaging but when I try to go to that inverview section by searching "farm income averaging" and click the link to jump to that section, Turbotax Premier says "Farm or fishing income averaging is only available to taxpayers with farm, farm rental, or fishing income in 2022.  On my K-1, line 14 code B indicates our gross farm income.  Statement A QBI passs-through entity reporting shows 2 columns, one with 1065 line 22 income (non-farming) and one column that shows all of our cinocme as coming from Sch F Copy 1--which is all farm income in that column. But when entering the Statement A info, it never asks to differentiate anything as being farm income from Schedule F of my 1065 partnership return.  How to I get Turbotax premier to acknowlege that is all farm income so I can file Schedule J to do farm income averaging?

Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies

I have Farm income on a K-1 but turbo tax is saying I can't file farm income averaging since I have no farm income

You might have to resort to Forms Mode, if the manner in which you want to handle this is appropriate.

 

Regardless, you should contact Support for this procedure.

 

How do I contact TurboTax? (intuit.com)

RachelM
Returning Member

I have Farm income on a K-1 but turbo tax is saying I can't file farm income averaging since I have no farm income

I called support twice and they just recommended I would have to pay for the "Live Tax Advice".  I'm guessing that they only include Scheduel J in the "Turbo Tax Self Employeed" prgoram and not in the Premier--because they are assuming that everyone files a Schedule F if they farm (my PARTNERSHIP files our Schedule F, so I have to pay for the expensive Partnership Turbo Tax software first . . . ) or just because they want to force people to upgrade to get that Schedule J. But nowhere in the software does it tell me that I need to upgrade to the Self-Employed program to access the Schedule J

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies