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Federal input screens

Screen F - Farm - Income (1120)

General Information

Enter the two-character postal code for the state in which the farm is located, or select a postal code from the fieldview. The various state products use this code to aid in determining in-state and out-of-state income.
Enter
X
 if the corporation has made an election under section 1.163(j)-9 in the prior year, or is making the election in the current year. The application proformas
X
 to this field when a
1
 was entered in the
Meets criteria for excepted trade or business under Section 1.163(j)
 field in the prior year.
The Section 163(j) election is an irrevocable election. If the election was made in the prior year, it does not need to be made again. Enter data in the
Section 1.163(j)-9 election
 statement dialog in Elect screen in the Elections folder to make the election in the current year.

Schedule F Income

Enter
X
 in this field to elect to include CCC loans in income. The tax election automatically prints with the return. If the return is being filed electronically, the tax election is included in the electronic file.
Use this statement to make the election to defer the income from crop insurance proceeds until next year. The information entered in this statement prints on the election statement with the return.
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