How do I report Farm Income and Expenses?
If you farm for profit, you’ll report your income and expenses on Schedule F. TurboTax will guide you through entering your income and expenses, whether you use TurboTax Online or TurboTax Desktop.
TurboTax Online
Go to the farm income screen under Income in the Federal section.
Answer the questions about your farm.
On the Tell Us About Your Farm or Farm Rental Income screen, select the I have income from operating a farm box. Select any other boxes listed if they also apply to you, then Continue.
When you get to the Your Farming Income and Expenses screen, you can make entries for items that apply to your farm, including 1099 payments, other farm income, expenses, assets, and miscellaneous details.
TurboTax Desktop
Go to Federal Taxes.
Go to Wages & Income.
If asked How do you want to enter…?, select I’ll choose what I work on.
Under Business Items, select Start or Update next to Farm Income and Farm Rental.
On the Tell Us About Your Farm or Farm Rental Income screen, select the I have income from operating a farm box. Select any other boxes listed if they also apply to you, then Continue.
To enter details for your farm, either:
Select Edit next to your farm name, or
Add another farm.
Enter the relevant information for your farm.
When you get to the Enter Income screen, enter dollar amounts in the fields provided for the different types of farm income you received that weren't listed on a 1099 form, and for any amounts reported to you on Form 1099-PATR.
Continue through the remaining screens to finish entering your farm details.
