Janitor Bob Posted February 23, 2009 Report Share Posted February 23, 2009 Someone jog my memory....New client has a Schedule F with his 1040 for farming income/Loss....Is this return due on March 1? Quote Link to comment Share on other sites More sharing options...
Ray in Ohio Posted February 23, 2009 Report Share Posted February 23, 2009 Someone jog my memory....New client has a Schedule F with his 1040 for farming income/Loss....Is this return due on March 1? if he owes .... yes. Quote Link to comment Share on other sites More sharing options...
kcjenkins Posted February 23, 2009 Report Share Posted February 23, 2009 If his income is primarily from farming, and he has not made any estimated payments or had withholding, filing by the first of March allows him to pay then with no penalty. If he has a loss, or other payments that cover him, he can file on 4/15 if he wants to. Quote Link to comment Share on other sites More sharing options...
Ray in Ohio Posted February 23, 2009 Report Share Posted February 23, 2009 or what KC said. (lol) Quote Link to comment Share on other sites More sharing options...
Janitor Bob Posted February 23, 2009 Author Report Share Posted February 23, 2009 or what KC said. (lol) Thanks...his primary income is W-2 income...he has a Farm loss of approx $1,000 and Federal and Ohio refund. Quote Link to comment Share on other sites More sharing options...
kcjenkins Posted February 23, 2009 Report Share Posted February 23, 2009 In that case, ignore the March 1 date, and file him just as you would anyone else. Quote Link to comment Share on other sites More sharing options...
Dan Posted February 24, 2009 Report Share Posted February 24, 2009 Someone jog my memory....New client has a Schedule F with his 1040 for farming income/Loss....Is this return due on March 1? Is not the return due on March 2 this year because March 1 is on Sunday? Quote Link to comment Share on other sites More sharing options...
TAXBILLY Posted February 24, 2009 Report Share Posted February 24, 2009 March 2. taxbilly Quote Link to comment Share on other sites More sharing options...
Gail in Virginia Posted February 24, 2009 Report Share Posted February 24, 2009 The fact that he has a net loss does not necessarily mean he is not treated as a farmer, the rule is based on gross income. If 2/3 of his gross income is from farming (or fishing) he can elect to file his return by March 1 (the 2nd this year) rather than paying estimates and he will not be considered to be under-withheld. If his taxes are paid through W-2 withholding and underpayment is not an issue, he can wait and file by April 15. If underpayment is an issue, and he does not qualify as a farmer in 2008, he can also look back to 2007 and if he qualified then he would be treated as qualifying for 2008. Quote Link to comment Share on other sites More sharing options...
OldJack Posted February 24, 2009 Report Share Posted February 24, 2009 If underpayment is an issue, and he does not qualify as a farmer in 2008, he can also look back to 2007 and if he qualified then he would be treated as qualifying for 2008. Good post. I did not know that. Thanks. Quote Link to comment Share on other sites More sharing options...
Ray in Ohio Posted February 25, 2009 Report Share Posted February 25, 2009 Ok.... Now I have a question too. If a farmer has no tax on federal... but has a balance due to the state, Is the state due by Mar 1st or April 15th? Quote Link to comment Share on other sites More sharing options...
TaxmannEA Posted February 25, 2009 Report Share Posted February 25, 2009 Ok.... Now I have a question too. If a farmer has no tax on federal... but has a balance due to the state, Is the state due by Mar 1st or April 15th? Depends on the state. Quote Link to comment Share on other sites More sharing options...
Ray in Ohio Posted February 25, 2009 Report Share Posted February 25, 2009 Depends on the state. well it's Ohio in this case. Quote Link to comment Share on other sites More sharing options...
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