L.S. Posted February 28, 2011 Report Share Posted February 28, 2011 Farmer received 1099 MISC for $362,367 crop insurance proceeds. He is farming with dad - he gets 1/3 - dad 2/3. this full amount came in son's name and s.s. # because his name was listed first. he talked to agent and company and asked for them to issue a corrected 1099 showing 1/3 of this to him and 2/3 to dad. they refused. so i am issuing a 1099 MISC for the 2/3 amount going to dad from son. my ? is how to show on the Sch F for son - do I show 362,367 on Line 8 (he wants to defer to next year) If I do, big problem next year when he only shows $120,789 as income or do I show this year only $120,789 as amount deferred? Does it make a difference if dad defers or not defers?? of course, today is deadline - thanks for your help. i'm not doing dad's return Quote Link to comment Share on other sites More sharing options...
kcjenkins Posted March 1, 2011 Report Share Posted March 1, 2011 Show only his share as deferred, and then deduct the amount he 1099's to Dad as an expense on his F. Quote Link to comment Share on other sites More sharing options...
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