Figure 15-1. Estimated Tax for Farmers

Summary: This flowchart is used to determine if a farmer needs to make estimated tax payments.

Start

This is the starting of the flowchart.

Decision (1)

Do you expect to owe $1,000 or more after subtracting your withholding and credits?

Decision (2)

Was at least 66 2/3% of all your gross income in 2009 or 2010 from farming?

Decision (3)

Do you expect your 2010 income tax withholding and credits to be at least 66 2/3% of the tax shown on your 2010 return?

Decision (4)

Do you expect your 2010 income tax withholding and credits to be at least 100% of the tax shown on your 2009 return?

Decision (5)

Will you file your income tax return and pay the tax in full by March 1, 2011?

Process (a)

You do not have to pay estimated tax.

Process (b)

Follow the general estimated tax rules.

Process (c)

You must pay your estimated tax (your required annual payment) by January 18, 2011.

End

This is the ending of the flowchart.

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