Skip to main content

Solutions

Products

Recommended products

Questions? We are here to help.
Contact us

Purchase

Questions? We are here to help.

Resources

Federal input screens

Screen F - Farm (1040)

Show all hidden content

Overview

Use this screen to enter the Schedule F general farm information and all farm income if the taxpayer or spouse operates a farm. Note that if the farm entered in this unit of the F screen is jointly owned and the qualified joint venture rules are met (see the IRS instructions for Schedule F), the taxpayer and spouse need to file a separate Schedule F with their share of income and expenses. Total farm income transfers to Form 1040, Page 1, Farm Income.
Use the State allocation spreadsheet for UltraTax CS/1040 multi-state processing for the F screen. Enter all multi-state data at the federal level via the State allocation spreadsheet for each unit of a single entity.
note
For all states, other than New Jersey (for resident income purposes), Michigan, Oklahoma, and South Carolina (for reporting out-of-state income), allocations apply
only
 to part-year resident and nonresident processed states.
With the State allocation spreadsheet, individual allocation percentages and allocated net income amounts, in total, are not required to foot with the federal amount, so individual state's law differences can be conveniently taken into consideration.
For more information, refer to Processing multiple-state returns.
Auto and Home Office Expenses
Enter all home office and car / truck information in the asset module even if using the standard mileage method.
At-Risk Limitation
Enter amounts that are at-risk in the 6198 screen. See the overview of the 6198 screen for further information.
note
  • For New Hampshire returns, enter
    J
     or leave the
    T, S, J
     field blank if 100 percent of Form BT - Summary activities are to be allocated to the taxpayer. Only those activities specifically coded
    S
     are assigned to the spouse.
  • For New York City returns, information from this input screen and the related federal Schedule F are used to calculate New York City unincorporated business tax if
    NYC
     is entered in the
    City code
     field in this screen and Form NYC-202 is attached to the client.
  • For Yonkers returns, information from this input screen and related federal Schedule F are used to calculate the Yonkers nonresident earnings tax.
Source data entry
The data sharing enables you to enter data on facsimile versions of forms your clients submit for the preparation of their tax returns. Once the facsimile forms are completed, you can export the data and transfer it into your client data files via the data sharing feature. For more information including a list of available facsimiles, refer to the UltraTax CS Source Data Entry overview.

Schedule F - General Questions

Enter information in this section to complete the top part of Schedule F and to classify income and expenses.
Unit
UltraTax CS automatically enters the next available number in this field. You can replace this number, but you can't leave the field blank. This information is used to get and coordinate information for the business unit activity. For example, these fields enable UltraTax CS to link information (such as income or loss, sales, credits, and asset detail) for the at-risk and passive calculations.
Description
The description entered in this field is used as the unit description. This field is mandatory.
State
If you are processing a state return, enter the 2-character postal code for the state to which this unit belongs. This code is used by the various state applications to help determine in-state and out-of-state amounts.
note
A postal code entry is required for proper state processing.
Use the St CO screen to enter the percentage of federal net income or the amount of net income attributable to a specific state for Schedules C, E, F, and Form 4835 activities. This screen is also used to enter state-specific (California, Hawaii, Kentucky, Massachusetts, Montana, New York, and Wisconsin only) passive (regular and AMT) and section 179 carryover information (including Alabama and New Hampshire) for Schedules C, E, F, and Form 4835 activities. Information entered in this screen automatically transfers to the state for use in state-specific calculations. For more information, access the input screen help for the state by pressing F1 from within a state input screen.
note
For New Hampshire returns, the 2-digit state postal code for the location of each business activity is used to process apportionment Forms BET-80 and DP-80.
Refer to State fields in UltraTax CS/1040 for more information.
Accounting method
Enter the accounting method in this field. If left blank, UltraTax CS defaults to the cash method of accounting.
Agricultural activity code
Press F4 to choose from a dropdown list of agricultural activity codes. The activity code description will be displayed in the F screen.
Was there material participation...
This question defaults to Yes on the return. Enter
2
 if the client didn’t materially participate in the operation of the farm.
note
  • If you enter
    2
    , the activity is considered passive, and UltraTax CS automatically assigns a passive activity code of
    1
     in the F-3 screen.
  • Activities with a material participation code of
    2
     and a passive code of
    1
     are considered subject to self-employment tax.
Payments were made that require filing Form(s) 1099
If the taxpayer made any payments during the year that would require them to file any Forms 1099 for this activity, enter
1
 for Yes. If no payments were made that require filing Forms 1099, enter
2
 for No. See the General Instructions for Certain Information Returns, issued by the IRS, to find a chart showing which Forms 1099 need filing. Separate specific instructions for each Form 1099 are also available from the IRS.
If yes, all required Forms 1099 were or will be filed
This field is available for data entry if a
1
 for Yes is entered in the
Payments were made that require filing Form(s) 1099
 field. Enter
1
 for Yes in this field if the taxpayer has or will file all Forms 1099 required to file for the activity. Enter
2
 for No if the taxpayer won’t be filing the required Forms 1099.
Exclude farm income...
Farm income is automatically included in the calculation of self-employment tax. If you don’t want this activity's income included in the calculation, enter
X
 in this field.
Trade or business to which net investment income tax applies
UltraTax CS assumes that the income from a Schedule F activity is not included in net investment income for Form 8960 unless the following is true.
  • The F screen field
    Exclude farm income from self employment tax
     is
    X
  • The F screen field
    Was there material participation in the operation of this business this year?
     is
    2
  • The F-3 screen field
    Passive activity code
     is
    1
Enter a code in this field to assign the net investment income treatment for this activity if it is different from the default treatment. Enter
1
 if the income from this trade or business should be included in the calculation of net investment income on Form 8960. Enter
2
 if the income should not be included.
Received applicable subsidies subject to excess farm loss rules
Enter an
X
 in this field if this activity received a subsidy that would make the taxpayer's farming business subject to the excess farm loss limitation rules (IRC code 461(j)). See the instructions for this form and the Schedule F for more information on the excess farm loss limitation and which subsidies apply.
For Schedule F activities with a loss in the current year, marking this checkbox will mark the
Yes
 checkbox for the “Did you receive an applicable subsidy” question on Schedule F, page 1. If this checkbox is not marked, the
No
 checkbox will be marked for the “Did you receive an applicable subsidy” question on Schedule F, page 1.
Self-employed health insurance premiums
Enter the amount of nonspecified health insurance premiums paid with the insurance plan established or considered to be established with this activity. However, if specified premiums were obtained via the Health Insurance Marketplace see the notes section below. UltraTax CS automatically calculates the self-employed health insurance deduction for Page 1 of the 1040 (or 1040NR) return.
  • If the taxpayer’s insurance plan for this activity was not obtained via the Health Insurance Marketplace – that is, the premiums paid for health insurance coverage for this business were paid for coverage in a plan that is not a qualified health plan (that is, all premiums paid are considered nonspecified premiums) – UltraTax CS calculates the SE health insurance deduction using the Self-Employed Health Insurance Deduction Worksheet, which is based on the worksheet in IRS Publication 535, Business Expenses. Any amount not allowed as a Page 1 deduction automatically transfers to Schedule A as a medical deduction.
  • If the taxpayer’s insurance plan for this activity was obtained via the Health Insurance Marketplace, complete the 1095A screen in the Health Care folder for the premiums reported on Form 1095-A, and enter
    X
     in the
    Apply to SE Health Ins
     field for all applicable months.
  • If the taxpayer has specified premiums and is claiming the premium tax credit, UltraTax CS produces the PTC Worksheets W, X, Simplified Calculation, Y and Z, to determine the self-employed health insurance deduction including any deduction allowed for nonspecified premiums paid in addition to specified premiums. These worksheets are based on the worksheets found in IRS Publication 974, Premium Tax Credit. As indicated in the publication, using the Simplified Calculation Method to determine the deduction and credit amounts is optional. If the taxpayer is eligible for both a self-employed health insurance deduction and PTC for the same premiums, any computation method that satisfies each set of rules may be used so long as the sum of the deduction claimed for the premiums and the calculated PTC, taking the deduction into account, is less than or equal to the premiums.
Entire family covered for full year with minimum essential health care coverage
Select
1 (Yes)
 if everyone claimed on the tax return had minimum essential health care coverage for the entire year. UltraTax CS marks the checkbox on Form 1040, line 61 for Full-year coverage. Select
2 (No)
 if anyone in the family didn’t have coverage for the entire year. This field is available on the W2, 1099R, SSA-1099, C, F, K1-3, and Coverage screens. If you make a selection in this field, no selection is required in any other input screen. Details of partial coverage or exemption from coverage can be entered on the Coverage screen in the Health Care folder. If this field is blank in all locations, UltraTax CS defaults to no minimum essential coverage and sends a critical diagnosis.
note
Minimum essential health care coverage is defined in the Form 8965 instructions. Generally, minimum coverage is coverage that is part of a government-sponsored program, from an employer, or through a plan purchased in the individual market. Certain other coverages qualify. For more information, see the Form 8965 instructions and Individual Shared Responsibility - Minimum Essential Coverage.
Self-employed long-term care premiums
Use the attached statement to enter eligible long-term care insurance premiums paid on behalf of the taxpayer, spouse, and/or dependents, paid with this Schedule F. The deduction is limited based on the age of the taxpayer, spouse, or dependents as designated by the code entered in the statement. Codes are available within the statement to identify for whom the premium was paid. UltraTax CS then verifies the age of the taxpayer or spouse from the date of birth information that you entered in the 1040 screen. For premiums paid on behalf of dependents, select code
3
,
4
,
5
,
6
, or
7
. UltraTax CS limits each entry as required. See the following limitation table.
Age
Limitation
40 or under
$390
41-50
$730
51-60
$1,460
61-70
$3,900
71 or older
$4,870
UltraTax CS applies the deductible amount to the Self-Employed Health Insurance Deduction Worksheet based on the entry in the
T, S, J
 field at the top of the F screen. If you select
J
 from the
T, S, J
 field, the deductible premium amount splits equally between the taxpayer and spouse. The Self-Employed Health Insurance Deduction Worksheet showing the deduction prints when applicable. The amount not allowed as a deduction for Page 1, line 29 of the 1040 return automatically transfers to Schedule A as a medical deduction.
The codes that are available in the
State Use
 field in the attached statement are specific to the state postal code entered in the
State
 field. If state use codes don't apply to the entered state, state use codes won’t be available.
note
  • If no date of birth exists for the taxpayer or spouse, UltraTax CS doesn’t calculate the deduction.
  • If you enter long-term care premiums for the taxpayer or spouse into multiple activities, UltraTax CS is able to limit the total deduction to the maximum allowed based on the age of the taxpayer and spouse at the end of the year. However, UltraTax CS can't limit the deduction for dependents if the data is entered for multiple activities. Therefore, if you enter dependent data in multiple activities, you should not enter more than the allowable limit for each dependent based on their age. Review the limits shown previously.
State use code
In the statement, enter the state use code for processing the 1040 state return and the ID number for the state return selected.
Code
Description
State number
1
Form OP-424: CT
Enter the 7-digit SOS ID number
2
Form IT-204-LL: NY
State number doesn't apply
3
Form 568: CA
Enter the 7, 9, 10, 11 or 12 digit SOS file number. If no number has been assigned, enter
None
,
None 1
, and so on.
4
FAE 170: TN
Enter a Tennessee account number. If no number has been assigned, enter
None
,
None 1
, and so on.
5
Form 725: KY
Enter a Kentucky 6-digit LLC account number
7
Form 05-158: TX
Enter a 10-digit SOS file number
8
Tax identification number: HI
Enter a Hawaii general/excise use 12-digit tax identification number. Don’t include letters or dashes.
9
Form LC: KS
Enter up to a 7-digit business entity ID number. If no number has been assigned, enter
None
.
10
Qualified oil & gas activity: MI
State number doesn't apply
11
Personal service income: SC
State number doesn't apply
12
Form PPT: AL
Enter a 6-digit SOS file number
13
Form RI-1065: RI
Enter the 9-character SOS ID number
14
Form BT Summary (LLC): NH
Enter the 9-character Department Identification Number (DIN), format NL and 7 numbers
15
Form LLC Annual Report: MA
Enter the 9-digit ID number assigned by the Secretary of the Commonwealth
16
LLC Franchise Tax Report: AR
Enter the 9-digit Arkansas filing number
17
Form MTA: NY
State number doesn't apply
19
Forms PHL NPT/BIRT: PA
Enter the 7-digit Philadelphia account number
21
Schedule DE: WI
State number doesn't apply
note
Michigan Note:
 Gross profit from the activity will be included on the Michigan Oil and Gas Worksheet. Total amounts from the Michigan Oil and Gas Worksheet are included on the MI-1040 Schedule 1.
To activate AR, CA, KS, KY, MA, NC, NH, NY, PA, TN, and TX LL/LLC returns, select
File
 /
Client properties
, select the state tab, and mark the checkbox for the form/return in the
Other return(s)
 section.
City code/name
Enter the city code for the state in which the farm is located. This code is used by the various state/city applications to aid in determining in-city and out-of-city income. After you select a city code from the dropdown, UltraTax CS automatically fills out the
City name
 field.
note
For New York City returns, enter
NYC
 in this field to let the information from this Schedule F to be included in the preparation of Form NYC-202. Enter
YON
 in this field to let the information included on Schedule F to be included on Form Y-203.
State allocation
To access the State allocation spreadsheet, the following conditions must be present in the current client.
  • The client being processed must include at least 1 state return.
  • You must be viewing Client Organizer Data Entry or Input Screen Data Entry.
  • For the 4835 and F screens, data must exist in the
    Description
     field.
  • For the C screens, data must exist in the
    Principal business
     field.
  • For the Rent screens, data must exist in the
    Property kind/location
     field.
When these conditions have been met, access the spreadsheet by selecting the
Allocation
 button in this screen.
2 methods (percentage or amount) of allocation can be used to allocate federal unit net income to the states displayed in the State allocation spreadsheet.
note
  • For all states, other than Michigan, Oklahoma, and South Carolina (for reporting out-of-state income), allocations apply
    only
     to part-year resident and nonresident processed states.
  • Amount fields that apply to 1 state may not apply to another state. Those amount fields that don’t apply to a particular state aren't available (shaded). Amount fields that are not shaded are considered enabled for the state.
  • New Mexico:
     New Mexico requires Schedules C and F federal net income to be apportioned based on sales, payroll, and property owned. Amounts calculated in the State allocation spreadsheet don’t transfer to New Mexico for purposes of the PIT-B calculation. Apportionment information must be entered in the NMAppt screen.
  • Percentage:
     Enter a percentage in XXX.XX format in the 1st field available in the State allocation spreadsheet. Select the state to which this percentage applies from the dropdown. Select the
    Apply
     button. UltraTax CS automatically calculates the amounts attributable to that state and display the amounts in the spreadsheet. The percentage entered for that particular state will appear following the state name for easy reference. If enabled, individual item amounts can be changed (replaced) on the spreadsheet from the amount calculated by UltraTax CS.
  • Amount:
     In cases where a percentage of the federal amounts does not apply, individual item amounts, if enabled, may be entered in the spreadsheet for the state. Zero (0) is a valid entry and will prevent the state amount from defaulting to the federal calculated amount. If an individual item amount field is left blank, the federal amount, if present, will be used in the state's calculation.
Build-up states that report or otherwise calculate income from these Schedules C, F, E, and Form 4835 activities on an amount by amount basis may be allocated using a percentage only, while passive carryover amounts may be allocated by entering the state-specific carryover amounts within the State allocation spreadsheet.
Other states, which are typically AGI states that require net activity amounts only, may be allocated by percentage or by entering the net amount of activity income/(allowable loss) attributable to the specific state.
note
  • Passive activity carryover amounts aren't available for AGI states other than Kentucky, Montana, and New York.
  • Unlike income allocations, passive activity and section 179 carryover amounts apply to all residency statuses for CA, HI, KY, MA, MT, and WI, and part-year resident and nonresident statuses for NY.
The State allocation spreadsheet may be printed in a report format for future reference. Select the
Print
 or
Preview
 button in the lower portion of the spreadsheet. If licensed, you can also print to FileCabinet CS.
note
UltraTax CS lets you enter
0
 (zero) in all of these fields.
Form 2555 allowable % of foreign earned income
The income from this screen is treated as 100 percent foreign when a Form 2555 allocation code is present. If income from this activity is not 100 percent foreign earned income, enter the foreign percentage. The Form 2555 Allocation Worksheet only allocates and reports the foreign portion of this activity.
note
If this is a trade or business in which personal services and capital were material income-producing factors, enter the percentage that represents the reasonable amount of compensation for personal services in this field.
Form 2555 allocation code
Use this field to allocate the income between U.S. and foreign earned income (reported on Form 2555). Income calculated as foreign earned during the assignment is used to calculate the Form 2555 exclusion. Foreign income earned before, during, and after the foreign assignment is reported, less any exclusion, by Form 1116 as eligible for the foreign tax credit. UltraTax CS uses this activity's allocation code to allocate any related self-employment items.
Additional information is required in the 1116, 1116CO, 2555, and 2555-2 screens to report this activity on Forms 1116 and/or 2555. Refer to the input screens for further information.
Community property designation
If the taxpayer is married, files a separate federal return, and resides in one of the following community property states - AZ, CA, ID, LA, NM, NV, TX, WA, or WI (or for registered domestic partners, files a Single or Head of Household federal return, and resides in CA, NV or WA) - use this field to identify whether or not the business income/loss is generated from community property. Enter a
1
 if the trade or business is community property and classified as the taxpayer's business. Enter a
2
 if the trade or business is community property and classified as the spouse's business. Enter
N
 if the trade or business is non-community property. Business activity units indicated as community property will be allocated 50/50 to the taxpayer and the spouse when 2 separate clients are created via the Filing Status Optimization tool with the Split income according to Community Property rules option enabled.
For married filing separate individuals, self-employment tax is imposed on the spouse carrying on the trade or business. Therefore, when the community property is designated as the taxpayer's business, UltraTax CS reports the net profit or loss from the spouse's identical Schedule C/C-EZ as taxable community income on Schedule SE line 3 with the literal “Comm Prop TxInc.” When the community property is designated as the spouse's business, UltraTax CS reports the net profit or loss from the spouse's Schedule C/C-EZ as exempt community income on Schedule SE line 3 with the literal “CommProp Exempt.” If the taxpayer has no other SE income, and Schedule SE is not required, the literal “Exempt Comm Prop Inc” will print on Form 1040, line 56 (or Form 1040-NR line 54).
For more information about the Filing Status Optimization utility and the option for community property returns, refer to Using the Filing Status Optimization utility (1040) and Filing Status Optimization window.
.
note
  • This field isn't available if a community property state return is not attached or the taxpayer's primary residence indicated on the 1040 screen is not a community property state.
  • Any entry in the field will proforma to all subsequent years.
  • The Keogh screen won’t split 50/50 when performing a community property split.
Inactive activity for
2025
Enter
X
 to indicate that this Schedule F activity was not active for the current tax year. Any data in the activity's input screens and asset detail is ignored. This unit will proforma to next year. When activity resumes, clear this field.
Disposition of activity
Enter
1
 for a complete disposition of the activity. Prior-year suspended losses are released and the activity, plus any other related input screens, will be deleted during next year's proforma process. If the activity has any passive activity credit carryforwards, the activity will proforma to keep the passive credits available to use against other passive income per Form 8582-CR instructions.
Enter
2
 if this is a passive activity that was sold on an installment basis. UltraTax CS treats installment dispositions as follows:
  • UltraTax CS calculates any allowed losses for the current tax year by multiplying the overall loss by the ratio of current-year gain recognized divided by unrecognized gain as of the beginning of the tax year. Losses in excess of the allowed amount are suspended and proforma'd to the following tax year.
  • When the gain recognized in the current year exceeds all of the current and carryforward losses, all losses are allowed in the current year. Also, any other related input screens will be deleted during next year's proforma process. Any activity that is coded
    2
     with no passive-loss carryovers, plus any other related input screens, will be deleted during next year's proforma process.
note
Installment sales for activities that are deleted during the proforma process continue to be proforma'd to the InstPY screen in the Personal Sale folder.

Schedule F Income

Farm income
Use the attached statement to enter a description and amount for income received for the activity, including from a Form 1099-K.
Schedule F has 5 different categories of income that can be reported. Use the Sales Code column to indicate which category the income is for. The 5 income categories and their corresponding lines on Schedule F are:
Code
Description
2
Cash sales of items raised - reported on line 2 of Schedule F
3
Accrual sales - reported on line 37 of Schedule F
4
Custom hire - reported on line 7 (if using the cash method of accounting) or line 42 (if using the accrual method of accounting)
5
Other income - reported on line 8 (if using the cash method of accounting) or line 43 (if using the accrual method of accounting)
note
  • An amount can be entered in the
    Farm income
     field. If the statement is not used to enter an amount and coded with a sales code, the amount entered in the field will be reported by default as cash sales of items bought for resale if the cash method of account is being used or accrual sales if the accrual method of accounting is being used.
  • Other income for Schedule F may also come from any CODI screen (Elections folder) that is associated to the Schedule F activity. Cancellation of debt income previously deferred is to be realized ratably over 5 years beginning in 2014.
Federal Withholding
Note: The federal withholding entered in this field is also used for certain states that calculate a “federal tax adjustment” for a taxpayer and spouse (split return); this amount (for state allocation purposes), will go to the taxpayer or spouse based on the overall activity's T/S/J code at the top of the screen.
State Withholding
State withholding may be entered in the statement attached to this field. If state withholding is present, to indicate who was issued Form 1099-B with state withholding, also enter a T or S in the T/S/J column and the state postal code associated to the state withholding in the Withholding State column. Many states include withholding records in the state electronic file or on withholding forms, and additional information related to the withholding may be required and entered at the state level. Entering a T/S/J code or postal code here doesn’t modify the state source income for the activity. Use the Multi-state allocation spreadsheet to allocate the activity income and use the T, S, J field to indicate to whom the activity income or loss belongs.
note
State withholding amounts entered here transfer to Schedule A, line 5.
Beginning / Ending inventory (Accrual Method)
You can enter
0
 (zero) in either of these fields, if necessary.
Distributions received from co-ops - total / taxable
If you enter an amount in the
Distributions received from co-ops - total
 field, the same amount is automatically entered in the
Distributions received from co-ops - taxable
 field. You can enter a different amount in the
Distributions received from co-ops - taxable
 field, including
0
 (zero).
note
Cooperative distributions for Schedule F may also come from the 1099P screen located in the Farm folder. UltraTax CS includes the amounts from the 1099P screen on Schedule F, line 3a, Cooperative distributions and Schedule F, line 3b, Taxable amount. Amounts from the 1099P screen included on these lines will appear in a Not Required Statement for the Schedule F. The following fields will be reported on Schedule F, line 3a.
  • Patronage Divs. (Box 1)
  • Nonpatronage Dist. (Box 2)
  • Per-unit retain Alloc. (Box 3)
  • Redemption of Not. and alloc. (Box 5)
The following field will be reported on Schedule F, line 3b.
  • Box 1 Taxable Amount
Agricultural program payments - total / taxable
If you enter an amount in the
Agricultural prog pymts - total
 statement field or face field, the same amount is automatically entered in the
Agricultural prog pymts - taxable
 statement field or face field. You can enter a different amount in the
Agricultural prog pymts - taxable
 statement field or face field, including
0
 (zero).
note
An amount entered in the
Market Gain
 field will be included on Schedule F, line 4a. An amount entered in the
Market Gain
 field will also be included on Schedule F, line 4b, but only if the
Elect to include CCC loans in income
 field is not marked on the F screen. If the field is marked, the amount from the
Market Gain
 field won’t be included on Schedule F, line 4b.
CRP payments received by retired SSA or SSDI recipients
Enter the amount of Conservation Reserve Program payments for retired or farmers with disabilities that were also included in the
Agricultural program payments - taxable
 field. The amount entered will be treated as self-employment income for SECA tax purposes if the individual receiving the payment also received Social Security retirement or disability payments. This treatment of the payments is allowed by the Heartland, Habitat, Harvest, and Horticulture Act of 2008.
CCC loans reported under election
In the attached statement, enter a description and amount of any CCC loans reported under election. Amounts transfer to Schedule F, line 5a (if cash) or line 40a (if accrual). A custom dropdown is available in the attached statement.
Elect to include CCC loans in income
Enter
X
 in this field to elect to include CCC loans in income. The tax election will automatically print with the return. If the return is being filed electronically, the tax election will be included in the electronic file.
note
If you make this election in the F screen, don’t make the same election in the Elect screen in the Elections folder, as duplicate elections may print.
Total CCC loans forfeited / Taxable CCC loans forfeited
If you enter an amount in the
Total CCC loans forfeited
 field, the same amount is automatically entered in the
Taxable CCC loans forfeited
 field. You can enter a different amount in the
Taxable CCC loans forfeited
 field, including
0
 (zero).
Crop insurance proceeds received in current year - Total/ Taxable
If you enter an amount in the
Crop insurance proceeds received in current year - Total
 statement field or face field, the same amount is automatically entered in the
Crop insurance proceeds received in current year - Taxable
 statement field or face field. You can enter a different amount in the
Crop insurance proceeds received in current year - Taxable
 statement field or face field, including
0
 (zero).
note
You may also enter total and taxable crop insurance proceeds for this activity in the 1099M screen, located in the Farm folder. You may enter information in this field and in the 1099M screen. UltraTax CS includes the amounts in the 1099M screen on Schedule F, line 6 and provide a statement as an audit trail of total and taxable crop insurance proceeds entered in the F and 1099M screens.
Elect crop ins deferral to next year
Use the statement attached to this field to elect to defer the income from crop insurance proceeds until next year. Enter the amount of deferred proceeds from each insurance carrier in the
Amount Deferred
 column. The tax election will automatically print with the return. If the return is being filed electronically, the tax election will be included in the electronic file.
note
If you make this election in the F screens, don’t make the same election in the Elect screen in the Elections folder, as duplicate elections will print.
Election for Section 451(e) sale of livestock due to weather-related conditions
Use the statement attached to this field to elect to defer income from the sale of livestock due to weather-related conditions under Section 451(e) and Regulation 1.451.7. Enter the information required for the election as outlined in IRS Publication 225 – Farmer’s Tax Guide. The election will be used only for farm activities using the cash accounting method. The tax election will automatically print with the return. If the return is being electronically filed, the tax election will be included in the electronic file.
note
If you make this election in the F screen, don’t make the same election in the Elect screen in the Elections folder, as duplicate elections will print.
Election for Section 1033(e) deferral of gain on sale of livestock due to weather-related conditions
Use this statement to defer recognition of gain from the sale of draft, dairy, or breeding livestock due to weather-related conditions under Section 1033(e). See Internal Revenue Code Section 1033(e) for more information. The tax election will automatically print with the return. If the return is being filed electronically, the tax election will be included in the electronic file.
note
If you make this election in the F screen, don’t make the same election in the Elect screen in the Elections folder, as duplicate elections will print.
Other income from recapture
Use these fields to enter amounts required to complete Form 4797, Part IV, Recapture Amounts Under section 179 and 280F(b)(2) When Business Use Drops to 50% or Less. UltraTax CS reports the recapture amount as other income on Schedule F.
In the
Section 179 expense deduction allowable in prior years
 and
Sec 179 recomputed depreciation
 fields, enter amounts to calculate the section 179 recapture.
In the
Section 280F expense deduction allowable in prior years (Force)
 and
Sec 280F recomputed depreciation (Force)
 fields, enter amounts to override (force) UltraTax CS-calculated amounts, if necessary.

error-icon

Triva isn't available right now.

Check out the support page for our phone number and hours

error-close