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March 30, 2022
Question

I have a small farm with income and expenses, do i list it under "self-employment"?

  • March 30, 2022
  • 1 reply
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1 reply

March 30, 2022

It is self-employment, but you’ll want to enter it into TurboTax Online like this:

  1. If you’re on the Hi TurboTax Client, let's keep working on your taxes! screen, click the Pick up where you left off button
  2. Click Federal in the left pane, if you’re not already there
  3. Click Income & Expenses in the banner
  4. Scroll down and click Show more to the right of Rentals, Royalties, and Farm
  5. Click Start to the right of Farm Income and Farm Rental
  6. Answer Yes on the Did you have any income from rentals or royalties? page 
  7. On the Tell Us About Your Farm or Farm Rental Income page, you’ll be asked to choose the type of farm or farm rental income you’re reporting.  You’ll choose from
  • I have income from operating a farm
  • I received fixed cash payments from my farm rental
  • I received agricultural payments on a 1099-MISC or 1099-G for my farm rental, and 
  • I received a share of the production from my farm rental

Select "I have income from operating a farm," and click Continue.  Enter all relevant income and expense information on the subsequent screens.