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January 30, 2024
Question

income shows too low on farm business

  • January 30, 2024
  • 1 reply
  • 0 views

it apprears my calcualtion on my farm business shows as way too low.  I calculate approximately 60k in income on my farm business.  turbotax calculated a 31k loss.  please advise?

1 reply

January 30, 2024

TurboTax takes all of the income that you receive for the year and deducts all of the expenses that you have entered and nets them out to find the amount to enter on your tax return.  

 

If you think that the total after expenses should be a 60 thousand dollar profit and the net is showing as a 31 thousand dollar loss then you have made a mistake in the numbers that you have entered.  You need to go back over what you have typed into the system and make certain that all of your entries are in the proper places.

 

If you can't figure it out after that you need to have someone review your return.  You can either pay a tax professional or use the live help on TurboTax.

 

@jwm8778 

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