Taxes, anyone using turbotax for farm form F and cap gains/loss ?
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Thread: Taxes, anyone using turbotax for farm form F and cap gains/loss ?

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    Taxes, anyone using turbotax for farm form F and cap gains/loss ?

    Hello,
    Does anyone have good or badd experience using turbotax software to do
    farm taxes?

    My taxes are pretty simple, I notice that the schedule A, itemized; D cap gains losses,
    sales form, and sched F are the only things beyond the basic tax forms.

    Does anyone use turbotax and know if it covers these forms?
    There are 4 or 5 versions of the turbotax, and I think the topp 2
    covers the sched F. So, it seems like it should cover these other things too.

    Any information appreciated.

    So, far I've been afraid to not pay a guy to do them. But maybe with the "new"
    tax rules it's possible todo them now.
    Thanks.
    JD 4720, JD 445

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    AlKozak's Avatar
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    Quote Originally Posted by stone7 View Post
    Hello,
    Does anyone have good or badd experience using turbotax software to do
    farm taxes?

    My taxes are pretty simple, I notice that the schedule A, itemized; D cap gains losses,
    sales form, and sched F are the only things beyond the basic tax forms.

    Does anyone use turbotax and know if it covers these forms?
    There are 4 or 5 versions of the turbotax, and I think the topp 2
    covers the sched F. So, it seems like it should cover these other things too.

    Any information appreciated.

    So, far I've been afraid to not pay a guy to do them. But maybe with the "new"
    tax rules it's possible todo them now.
    Thanks.
    Schedules A and D should be in any package that does itemized deductions. I use the H&R Block Deluxe and it includes Schedule F. I would assume the corresponding Intuit product would be the same.

    Al
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    I use the Intuit / HR Block package. I use the personal/business edition. It also has Sch F.

    Either package should be OK for you. It's just a matter of putting the numbers in the right boxes. When you're done with this years, just compare it to last years. Is there anything blatantly different? Did you end up with different forms between the years? ie - form 4562 this year, but not last?

    My advice as someone who used to make his living by doing taxes... if the guy that's been doing charges a reasonable fee, keep using him. It's not worth trying to save a couple hundred bucks. Of course, it might be worth trying to save a couple thousand.

    Sent by Tapatalk using the tiny keyboard on my phone. That explains the typos!
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    Quote Originally Posted by mark02tj View Post
    I use the Intuit / HR Block package. I use the personal/business edition. It also has Sch F.

    Either package should be OK for you. It's just a matter of putting the numbers in the right boxes. When you're done with this years, just compare it to last years. Is there anything blatantly different? Did you end up with different forms between the years? ie - form 4562 this year, but not last?

    My advice as someone who used to make his living by doing taxes... if the guy that's been doing charges a reasonable fee, keep using him. It's not worth trying to save a couple hundred bucks. Of course, it might be worth trying to save a couple thousand.

    Sent by Tapatalk using the tiny keyboard on my phone. That explains the typos!
    That's real good advice right there.

    Where's TurboTax when the audit man comes.
    Last edited by MDrew; 04-03-2019 at 07:53 AM.
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    Before I comment on the tax filing, let me say you DO NOT want to start this process on a computer which is outdated and which isn't functioning at 100%. If you are going to take the time to do all of this data input, you must have a computer which can perform every task and one which you can back up to a portable hard drive so you can store your tax return and all data input in a secure location. It's also very important the computer is adequately protected and has the proper Firewall and other security features.

    Whether its on a thumb drive or some other back up mechanism for future reference, you must have a back up. To spend the time to load the tax software and do all of the input and then possibly lose or not be able to access the data would be a huge mistake. So if you are having any issues with your computer, resolve that issue before you attempt the tax return filing. Its critical.

    Many of the accounting offices collect the clients tax information and give it to the lowest person on their totem pole and they input the data. If you are lucky, the person who you are paying to file your taxes might actually thoroughly review it. In reality, many just give it a cursory look. I used to use all of the "Big Prominent" accounting firms like BDO Seidman, Plante Moran, Crowe Chizek- Horwath and every single year, I would find errors and they were NEVER in my favor.

    They would often refuse to take legitimate deductions for the fear that the IRS "might challenge them and ask questions." Let them challenge and ask questions, if the deduction is disallowed, I will deal with it, but not even trying because it "might throw a red flag" is nonsense. This happened all of the time.

    It takes some time to input the data into the system. You can view it and print "sample returns" of your taxes before they are actually filed and you SHOULD compare them to previous years. If your situation is unchanged, the tax forms used should remain consistent. I have seen cases where the Turbo Tax plan resulted in finding errors in the returns previously filed by those who were being paid (Accountants, Tax Preparers, CPA's, etc.) to prepare previous returns. If the error is large enough to warrant, you can actually amend prior returns and clean up the mistakes you paid someone else to make which likely cost you money.

    Also, the Turbo Tax plans are very good about asking questions and directing your input. You can even contact them for help, but I will say that trying to do that the last two weeks of tax season are likely to make your entire process more difficult because of the end of season crush to get the taxes filed.

    We have ALWAYS filed an extension and as long as you have paid your estimated taxes during the past year for each quarter or month so your estimated tax obligation is paid, you can work on the actual filing of the paperwork after the big season end rush is over. It much easier to reach people on the help lines and on line chats, etc. between April 16 and October 15th than it will be over the next two weeks.

    Where is Turbo Tax when the Audit man calls? As long as you are careful with your input preparation and have receipts and follow the rules, you have nothing to fear. I have been audited more than a dozen times. There are specific categories which flag audits and they include, but certainly are not limited to the following;

    - Home office use for business
    - Self Employed and Tax Qualified Retirement plans such as SEP's, SAR SEPS funded at the maximum limit
    - Participation in Employer sponsored retirement plans and Individual Retirement Accounts, SEP's and Spousal Participation simultaneously
    - Large Deductions for vehicle use for business purposes and not having an alternate vehicle for personal use
    - Employment of Family members (spouses and the FICA Filing requirements, etc)
    - Medical Deductions
    - Business's which consistently generate tax losses 3 of 5 years or more
    - Financial Involvement in Motor Sports, Horse Farms and other activities as a business which might be considered a hobby activity

    These are some of the most common which create audits. There are others. Glaring differences in returns from year to year are also likely to generate audits but those are often the result of errors, which the software is very good about alerting you to.

    The toughest part is always the first year and the initial input. If you have a decent understanding of the tax process and what forms are used and why, there is no reason to not attempt this on your own. If I were in your situation, I would file the IRS form 4868 extension form, which is one page and you can print it from the IRS website (or you can remit it electronically) and then I would attempt the input and work on your taxes without the deadline looming in two weeks. That way you can reach the help lines and on line chats if you need to. Worse case scenario, you aren't comfortable with your result, you can have your tax person prepare the returns after the 15th.

    Once you file the extension, you have until October 15th to file your required tax return and supporting schedules. Also, by filing the extension form 4868, it permits you to make additional contribution into your tax qualified retirement plan (IRA, SEP, SIMPLE Plan, etc) up until the date the return must be filed.

    The Accountants and Tax Lawyers lobby is one of the most powerful in Washington. They don't want the system made simple as it would wipe out their industry with the stroke of a pen. They are real good at having people "fear" what will happen if they aren't filing YOUR taxes. The more you learn about your tax filing situation, the better off you are.

    If you have a fundamental understanding of the process and the forms needed, there is no reason for you not to try it on your own. Take your time, check your work and compare your results to the results of prior years. This isn't rocket science where you are trying to determine the lunar modules re entry angle into the earth's atmosphere where if you are off by 1 degree, everything will go up in smoke and Astronauts will die, its simply filling out government forms........

    Do what you are most comfortable with............If you lie awake at night worrying about this, perhaps you are better off to write the check and pay someone else. If you really want to get a grasp on your tax situation and understand the process, this is a great opportunity to do so.
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