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 - Income (1065)

Show all hidden content

Overview

Use this screen if the partnership operates a farm. The net farm profit (loss) transfers to Form 1065, Page 1, Net farm profit (loss). However, if the net farm profit (loss) is specially allocated, it transfers instead to Schedule K, Other income (loss).

General Information

Specially allocate
Select the Ptr Alloc button to specially allocate the net profit (loss) from this farm activity to partners using ratios that are different from the profit-sharing percentages. You need to use this field only if the partnership has an allocation for this farm that differs from the profit-sharing percentages. If you specially allocate this farm activity, the net profit (loss) from this farm moves the associated amount from Form 1065, Page 1 to Schedule K, Other income (loss).
note
Form 1065 instructions state that specially allocated page 1 items must be reported on Schedule K.
Was there material participation in the operation of this business this year?
Enter
1
 for Yes or
2
 for No to answer Schedule F, question E. If you leave this field blank, because this field is required when electronically filing the partnership return, the application automatically answers No. Note, however, that participation is not determined at the partnership level.
Some investment is not at risk
Enter
X
 if some of the farm loss is not at risk. The application marks Schedule F, Page 1, line 36b. If you do not enter
X
 and the farm has a net loss, the application marks Schedule F, Page 1, line 36a.
note
The application does not limit the loss reported on Schedule F, Page 1, line 34.
Section 1.163(j)-9 election was made for excepted trade or business
Enter
X
 if this activity is an excepted trade or business per page 2 of the Form 8990 instructions and therefore
should not be included
 in the Form 8990 calculation. If this activity is not an exception to the section 163(j) limitation and should be included in Form 8990 then leave the field blank.
Disposition of activity
Enter X to delete this unit on next year’s proforma.
note
If this activity has assets, and you would like to transfer or move the assets of the disposed activity to another activity, see Transferring one asset or a portion of an asset or Moving assets.

Income

Use the
Accounting method
 field to classify the income and expenses as cash or accrual.
Cooperative distributions / Agricultural program payments / CCC loans forfeited / Crop insurance proceeds received in current year
If you enter an amount in the
Total
 field, the application automatically enters the same amount in the
Taxable
 field. Enter a different amount in the
Taxable
 field, including 0 (zero), if the entire amount is not taxable.
CCC loans reported under election
Use the statement to enter information for the Commodity Credit Corporation (CCC) loans reported under election. If you enter
X
 in the
Elect to include CCC loans in income
 field, the application automatically prints the tax election with the return with information from this field.
Elect to include CCC loans in income
Enter
X
 to elect to include CCC loans in income. The tax election automatically prints with the return with the information entered in the statement for the
CCC loans reported under election
 field. If you electronically file the return, the application includes the tax election in the electronic file.
note
If you use this field to make the election, do not select Farm CCC Loans in the Elect Screen.
Election to defer crop insurance proceeds to next year
Use the statement to enter information for the election statement to defer crop insurance proceeds to next year. The tax election automatically prints with the return and is included in the electronic file, if applicable.
note
If you use this field to make the election, do not select Farm Crop Insurance Deferral in the Elect Screen.
Beginning / Ending inventory
Enter the beginning and ending inventory amounts when you use the accrual accounting method. You can enter 0 (zero) in either of these fields, if applicable.

error-icon

Triva isn't available right now.

Check out the support page for our phone number and hours

error-close