neilbrink Posted February 25, 2009 Report Posted February 25, 2009 Is there a place to indicate on the 1040 form that the taxpapyer is a full time farmer with 100% income from farming, or does the IRS know that by the Schedule F he is filing? And if his return is filed by March 1, there is no penalty for not estimating, correct? Thanks in advance. Neil Quote
zeke Posted February 25, 2009 Report Posted February 25, 2009 IRS will pick up the data from sch F. Be sure to check the box (2/3 income from farm) on Filer's info page under 1040. No penalty if return is filed with tax in full by 02/01/XX normally - this year is 03/02/09. z Quote
zeke Posted February 25, 2009 Report Posted February 25, 2009 IRS will pick up the data from sch F. Be sure to check the box (2/3 income from farm) on Filer's info page under 1040. No penalty if return is filed with tax in full by 02/01/XX normally - this year is 03/02/09. z sorry bout the date - should be 03/01/xx not 02/01/xx. zeke Quote
neilbrink Posted February 25, 2009 Author Report Posted February 25, 2009 sorry bout the date - should be 03/01/xx not 02/01/xx. zeke Zeke - thanks. It was the info about the Filer's Info page that I needed. Quote
Gail in Virginia Posted February 25, 2009 Report Posted February 25, 2009 Virginia has a separate box that needs to be marked on the state return for farmers. I don't know about Illinois, but you might be on the lookout for one if they extend the same courtesy to farmers regarding estimates. Quote
Dan Posted February 26, 2009 Report Posted February 26, 2009 The State of Kansas has a place to check when the taxpayer is engaged in farming. Quote
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