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IRS.gov Website
Instructions for Schedule E (Form 1040)
taxmap/instr/i1040se-007.htm#en_us_publink24332td0e2116

Part V
Summary(p10)

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taxmap/instr/i1040se-007.htm#en_us_publink24332td0e2123

Line 42(p10)

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You will not be charged a penalty for underpayment of estimated tax if:
  1. Your gross farming or fishing income for 2012 or 2013 is at least two-thirds of your gross income, and
  2. You file your 2013 tax return and pay the tax due by March 3, 2014.
taxmap/instr/i1040se-007.htm#en_us_publink1000311720
Paperwork Reduction Act Notice.(p10)
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We ask for the information on this form to carry out the Internal Revenue laws of the United States. You are required to give us the information. We need it to ensure that you are complying with these laws and to allow us to figure and collect the right amount of tax.
You are not required to provide the information requested on a form that is subject to the Paperwork Reduction Act unless the form displays a valid OMB control number. Books or records relating to a form or its instructions must be retained as long as their contents may become material in the administration of any Internal Revenue law. Generally, tax returns and return information are confidential, as required by section 6103.
The time needed to complete and file this form will vary depending on individual circumstances. The estimated burden for individual taxpayers filing this form is included in the estimates shown in the instructions for their individual income tax return. The estimated burden for all other taxpayers who file this form is approved under OMB control number 1545-1972 and is shown next.
Recordkeeping3 hrs., 3 min.
Learning about the law or the form1 hr., 2 min.
Preparing the form1 hr., 34 min.
Copying, assembling, and sending the form to the IRS34 min.
If you have comments concerning the accuracy of these time estimates or suggestions for making this form simpler, we would be happy to hear from you. See the instructions for the tax return with which this form is filed.
taxmap/instr/i1040se-007.htm#w24331i02
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Worksheet 1 — Excess farm loss from an interest in a partnership or S corporation involved in farming business(es)

caution In determining if you have an excess farm loss, do not take into account any deductions for losses arising by reason of fire, storm, or other casualty, or by reason of disease or drought, involving your farm businesses.
Note. When instructed in the worksheet below to enter an amount from line 30, 31, or 32 of Schedule E, include only the amount on that line that relates to farming businesses.

1.Enter the amount from your 2013 Schedule(s) E, line 31. If this amount is less than $300,000 ($150,000 if married filing separately), stop here; you do not have an excess farm loss in 2013. If more than $300,000 ($150,000 if married filing separately), continue to line 2 1.     
2.Subtract $300,000 ($150,000 if married filing separately) from line 12.  
3.Enter the amount from your 2013 Schedule(s) E, line 303.     
4.Is line 3 greater than or equal to line 2? If yes, stop here; you do not have an excess farm loss in 2013. If no, continue to line 5   
5.Enter your net gain/loss from the sale of farming business property reported on Form 47975.     
6.Enter your net gain/loss from the sale of farming business property reported on Schedule D6.     
7.Combine line 5 and line 6. If zero or less, enter -0-7.  
8.Add line 3 and line 7. Is this greater than or equal to line 2? If yes, stop here; you do not have an excess farm loss in 2013. If no, continue to line 9 8.  
9.Enter the amount from your 2012 Schedule(s) E, line 329.  
10.Enter your combined net gain/loss from the sale of farming business property reported on your 2012 Form 4797 and Schedule D. If zero or less, enter -0- 10. 
11.Enter the amount from your 2011 Schedule(s) E, line 3211. 
12.Enter your combined net gain/loss from the sale of farming business property reported on your 2011 Form 4797 and Schedule D. If zero or less, enter -0- 12. 
13.Enter the amount from your 2010 Schedule(s) E, line 3213. 
14.Enter your combined net gain/loss from the sale of farming business property reported on your 2010 Form 4797 and Schedule D. If zero or less, enter -0- 14. 
15.Enter the amount from your 2009 Schedule(s) E, line 3215. 
16.Enter your combined net gain/loss from the sale of farming business property reported on your 2009 Form 4797 and Schedule D. If zero or less, enter -0- 16. 
17.Enter the amount from your 2008 Schedule(s) E, line 3217. 
18.Enter your combined net gain/loss from the sale of farming business property reported on your 2008 Form 4797 and Schedule D. If zero or less, enter -0- 18. 
19.Combine lines 9 through 18. If zero or less, enter -0-19.  
20.Enter the greater of line 19 or $300,000 ($150,000 if married filing separately)20.  
21.Add line 8 and line 2021.  
22.Excess farm loss. Subtract line 1 from line 21. If zero or less, you have an excess farm loss that reduces the amount of loss you can deduct this year. If you have more than one farming business with an overall loss this year, allocate the excess farm loss amount on a pro rata basis among those farming businesses. 22.