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Federal Profit or Loss From Farming
Extracted from PDF file 2023-federal-1040-schedule-f.pdf, last modified November 2023Profit or Loss From Farming
SCHEDULE F (Form 1040) Profit or Loss From Farming OMB No. 1545-0074 2023 Attach to Form 1040, 1040-SR, 1040-SS, 1040-NR, 1041, or 1065. Go to www.irs.gov/ScheduleF for instructions and the latest information. Department of the Treasury Internal Revenue Service Attachment Sequence No. A Principal crop or activity B Enter code from Part IV C Accounting method: Cash Accrual D Employer ID number (EIN) (see instr.) E Did you “materially participate” in the operation of this business during 2023? If “No,” see instructions for limit on passive losses F Did you make any payments in 2023 that would require you to file Form(s) 1099? See instructions . . . . . . . . G If “Yes,” did you or will you file required Form(s) 1099? . . . . . . . . . . . . . . . . . . . . . Part I Sales of purchased livestock and other resale items (see instructions) . . Cost or other basis of purchased livestock or other items reported on line 1a . . c 2 3a Subtract line 1b from line 1a . . . . . . . . . . . . Sales of livestock, produce, grains, and other products you raised Cooperative distributions (Form(s) 1099-PATR) . 3a . . . . . . . . 4a 5a b Agricultural program payments (see instructions) . 4a Commodity Credit Corporation (CCC) loans reported under election . CCC loans forfeited . . . . . . . . . 5b . . . 6 Crop insurance proceeds and federal crop disaster payments (see instructions): Amount received in 2023 . . . . . . . 6a 6b If election to defer to 2024 is attached, check here . . . . . . . 6d . . . . . . . . . . . . . . . . 3b Taxable amount . . . . . . . . . 1c 2 3b 4b Taxable amount . . . . . . . 5c Taxable amount . . . . . . . . . 4b 5a 5c Taxable amount . . . Amount deferred from 2022 Custom hire (machine work) income . . . . . . . . . . . . . . . . . . Other income, including federal and state gasoline or fuel tax credit or refund (see instructions) . 9 Gross income. Add amounts in the right column (lines 1c, 2, 3b, 4b, 5a, 5c, 6b, 6d, 7, and 8). If you use the accrual method, enter the amount from Part III, line 50. See instructions . . . . . . . . . . . . . 10 7 8 9 . 23 . . 24a 24b 14 25 26 27 Repairs and maintenance . Seeds and plants . . . Storage and warehousing . . . . . . . . . 25 26 27 28 29 30 Supplies . Taxes . Utilities . . . . . . . . . . 28 29 30 31 32 Veterinary, breeding, and medicine . Other expenses (specify): 31 Conservation expenses (see instructions) 13 Custom hire (machine work) . 13 14 Depreciation and section 179 expense (see instructions) . . . . . . 15 Employee benefit programs other than on line 23 . . . . . . . . . . . . . . . . . 16 Feed . . . . . 15 16 17 18 19 Fertilizers and lime . Freight and trucking . Gasoline, fuel, and oil . . . . . . . . . . . . . 17 18 19 20 21 Insurance (other than health) . Interest (see instructions): Mortgage (paid to banks, etc.) . . 20 . 21a 35 36 a . . Rent or lease (see instructions): Vehicles, machinery, equipment . Other (land, animals, etc.) . . . Chemicals . 34 . . Pension and profit-sharing plans . 12 33 . . 24 11 22 . . 23 10 11 12 b . . 6b 6d Farm Expenses—Cash and Accrual Method. Do not include personal or living expenses. See instructions. Car and truck expenses (see instructions). Also attach Form 4562 a No No No 1a 1b . . 7 8 Part II Yes Yes Yes Farm Income—Cash Method. Complete Parts I and II. (Accrual method. Complete Parts II and III, and Part I, line 9.) 1a b a c 14 Social security number (SSN) Name of proprietor . . . . a b . . . . . . . . . . . . . . . a 32a b c d 32b 32c 32d 21b e f 22 Total expenses. Add lines 10 through 32f. If line 32f is negative, see instructions . 32e 32f Other . . . . . . . . . Labor hired (less employment credits) . . Net farm profit or (loss). Subtract line 33 from line 9 . . . . . . . . . . . . . . . . . If a profit, stop here and see instructions for where to report. If a loss, complete line 36. Reserved for future use. Check the box that describes your investment in this activity and see instructions for where to report your loss: All investment is at risk. b Some investment is not at risk. . For Paperwork Reduction Act Notice, see the separate instructions. . . . . Cat. No. 11346H . . . 33 34 Schedule F (Form 1040) 2023 Page 2 Schedule F (Form 1040) 2023 Part III Farm Income—Accrual Method (see instructions) 37 Sales of livestock, produce, grains, and other products (see instructions) 38a Cooperative distributions (Form(s) 1099-PATR) . 38a 39a Agricultural program payments . . . 39a 40 a Commodity Credit Corporation (CCC) loans: CCC loans reported under election . . . . . b CCC loans forfeited . . . . . . . . . . . . . . . . . . . . . . . . . 40b . . . 37 38b Taxable amount . . . 38b 39b Taxable amount . . . 39b . . . . 40a Taxable amount . . . 40c . . . . . 40c . . . . . . . . 41 Crop insurance proceeds . . . . . . . . . . . . . . . . . . . . . . . . 41 42 Custom hire (machine work) income . . . . . . . . . . . . . . . . . . . . . . . 42 43 Other income (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . 43 44 Add amounts in the right column for lines 37 through 43 (lines 37, 38b, 39b, 40a, 40c, 41, 42, and 43) . . . . 44 45 Inventory of livestock, produce, grains, and other products at beginning of the year. Do not include sales reported on Form 4797 . . . . . . . . . . . . . . 45 46 Cost of livestock, produce, grains, and other products purchased during the year . . 46 47 Add lines 45 and 46 . . . . . 47 48 Inventory of livestock, produce, grains, and other products at end of year . . . . 48 49 Cost of livestock, produce, grains, and other products sold. Subtract line 48 from line 47* 50 Gross income. Subtract line 49 from line 44. Enter the result here and on Part I, line 9 . . . . . . . . . . . . . . . . . . . . . . . . 49 . . . . . . . 50 * If you use the unit-livestock-price method or the farm-price method of valuing inventory and the amount on line 48 is larger than the amount on line 47, subtract line 47 from line 48. Enter the result on line 49. Add lines 44 and 49. Enter the total on line 50 and on Part I, line 9. Part IV Principal Agricultural Activity Codes Do not file Schedule F (Form 1040) to report the following. • Income from providing agricultural services such as CAUTION soil preparation, veterinary, farm labor, horticultural services if your principal source of income is from providing such services. Instead, see the Instructions for Schedule C (Form 1040). • Income from breeding, raising, or caring for dogs, cats, or other pet animals. Instead, see the Instructions for Schedule C (Form 1040). • Income from managing a farm for a fee or on a contract basis. Instead, see the Instructions for Schedule C (Form 1040). • Sales of livestock held for draft, breeding, sport, or dairy purposes. Instead, see the Instructions for Form 4797. ! ▲ These codes for the Principal Agricultural Activity classify farms by their primary activity to facilitate the administration of the Internal Revenue Code. These six-digit codes are based on the North American Industry Classification System (NAICS). Select the code that best identifies your primary farming activity and enter the six-digit number on line B. 111300 111400 111900 Fruit and tree nut farming Greenhouse, nursery, and floriculture production Other crop farming Animal Production 112111 Beef cattle ranching and farming 112112 Cattle feedlots 112120 Dairy cattle and milk production 112210 Hog and pig farming 112300 Poultry and egg production 112400 Sheep and goat farming 112510 Aquaculture 112900 Other animal production Forestry and Logging 113000 Forestry and logging (including forest nurseries and timber tracts) 113110 Timber tract operations 113210 Forest nurseries and gathering of forest products 113310 Logging Crop Production 111100 Oilseed and grain farming 111210 Vegetable and melon farming Schedule F (Form 1040) 2023
2023 Schedule F (Form 1040)
More about the Federal 1040 (Schedule F) Individual Income Tax TY 2023
We last updated the Profit or Loss From Farming in January 2024, so this is the latest version of 1040 (Schedule F), fully updated for tax year 2023. You can download or print current or past-year PDFs of 1040 (Schedule F) directly from TaxFormFinder. You can print other Federal tax forms here.
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TaxFormFinder has an additional 774 Federal income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the Federal 1040 (Schedule F).
| Form Code | Form Name |
|---|---|
| 1040 (Schedule C) | Profit or Loss from Business (Sole Proprietorship) |
| 1040 (Schedule B) | Interest and Ordinary Dividends |
| 1040 (Schedule A) | Itemized Deductions |
| 1040 (Schedule 8812) | Child Tax Credit |
| 1040 (Schedule E) | Supplemental Income and Loss |
| 1040 (Schedule SE) | Self-Employment Tax |
| 1040 (Schedule D) | Capital Gains and Losses |
| 1040 (Schedule R) | Credit for the Elderly or the Disabled |
| 1040 (Schedule EIC) | Earned Income Tax Credit |
| 1040 (Schedule H) | Household Employment Taxes |
View all 775 Federal Income Tax Forms
Form Sources:
The Internal Revenue Service usually releases income tax forms for the current tax year between October and January, although changes to some forms can come even later. We last updated Federal 1040 (Schedule F) from the Internal Revenue Service in January 2024.
About the Individual Income Tax
The IRS and most states collect a personal income tax, which is paid throughout the year via tax withholding or estimated income tax payments.
Most taxpayers are required to file a yearly income tax return in April to both the Internal Revenue Service and their state's revenue department, which will result in either a tax refund of excess withheld income or a tax payment if the withholding does not cover the taxpayer's entire liability. Every taxpayer's situation is different - please consult a CPA or licensed tax preparer to ensure that you are filing the correct tax forms!
Historical Past-Year Versions of Federal 1040 (Schedule F)
We have a total of thirteen past-year versions of 1040 (Schedule F) in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2023 1040 (Schedule F)
2023 Schedule F (Form 1040)
2022 1040 (Schedule F)
2022 Schedule F (Form 1040)
2021 1040 (Schedule F)
2021 Schedule F (Form 1040)
2020 1040 (Schedule F)
2020 Schedule F (Form 1040)
2019 1040 (Schedule F)
2019 Schedule F (Form 1040 or 1040-SR)
2018 1040 (Schedule F)
2018 Schedule F (Form 1040)
2017 1040 (Schedule F)
2017 Schedule F (Form 1040)
2016 1040 (Schedule F)
2016 Schedule F (Form 1040)
2015 1040 (Schedule F)
2015 Schedule F (Form 1040)
2014 1040 (Schedule F)
2014 Schedule F (Form 1040)
2013 1040 (Schedule F)
2013 Schedule F (Form 1040)
2012 1040 (Schedule F)
2012 Schedule F (Form 1040)
2011 1040 (Schedule F)
2011 Form 1040 (Schedule F)
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