S Corp with a 1040 Schedule F

[dianej55]

Filing an S Corp return, previous tax preparer populated a schedule F - which is a 1040 schedule - and it turns out you can make happen in proconnect.

It is a horse boarding facility but does not qualify for a schedule F, I know the rules.  Picked this up from a client wanting someone with experience in this area, which I do have.  Why would proconnect populate a schedule F on a corporate return and should I amend?

[sjrcpa]

"Why would proconnect populate a schedule F on a corporate return "

Who knows? Some software does. As you noted, it is a 1040 Schedule. I've never tried to do one on a 1120 or 1120S.

@TiredFarmer  Can you weigh in?

"should I amend?" Amend what? To go to or from a Sch F? The net income wouldn't change, would it?

[dianej55]

Right, the return would not change, but I am not including the Sch F in current year so just asking as I've never come up against this.

You can populate the form and it's allowing e-filing and including the Sch F with all the other forms.  I've done a 'test' return and it does include the Sch F.  Under income, under farm income and expenses, input the fields and there it is. Redundant as the Sch F mimics the 1120S.  Also included in the forms to file when you file.

Main concern is an audit, with equestrian businesses we need to keep good records and know what we are reporting so do I amend without the Sch F or just cross my fingers.

[BobKamman]

How many people went to Leavenworth last year for filing a f*** F with an 1120S?  Or, just because IRS says you can use it with a 1041 or 1065, have they ever said you can't use it with an 1120S? If anything, it can be a "see attached" worksheet. 

I think I have already told the story about how the NTA at a Phoenix taxpayer forum told of how someone in Omaha a few days earlier had asked why there is no "office in home" form to file with Schedule F.  She said she called National Office and they agreed to do it.  When it didn't appear the next year, I asked why.  The excuse was something like, "we didn't think that many people would use it."  

C'mon guys.  It's the Internal Revenue Service, not the Internal Revenue Hall Monitors.  

[TaxAnn]

I just got one as well.  Did you ever amend?  Why would sch F being filed with f1120 S?

[George4Tacks]

Here is what Lacerte (big sibling of ProConnect) says about the idea.

https://accountants.intuit.com/support/en-us/help-article/form-1065-schedule-k-1/common-question-far...

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Common question about Farm Income/Expenses (Schedule F) for an S-Corporation return in Lacerte

by Intuit•Updated 2 years ago

Farm income/expenses are used to report items for the Schedule F on an S-Corporation Return. Refer to the following information to help with Screen 18, Farm Income/Expenses questions.

• Entering Form 1099-PATR in Lacerte"