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)
Will you owe $1,000 or more after subtracting income tax withholding and refundable credits from your total tax? (Do not subtract any estimated tax
payments.)
- IF Yes Continue To Decision (2)
- IF No Continue To Process (a)
Decision (2)
Was at least 66 2/3% of all your gross income in 2011 or 2012 from
farming?
- IF Yes Continue To Decision (3)
- IF No Continue To Process (b)
Decision (3)
Will your 2012 income tax withholding and credits to be at least 66 2/3% of the tax shown on your 2012
return?
- IF Yes Continue To Process (a)
- IF No Continue To Decision (4)
Decision (4)
Will your 2012 income tax withholding and credits to be at least 100% of the tax shown on your 2011
return?
- IF Yes Continue To Process (a)
- IF No Continue To Decision (5)
Decision (5)
Will you file your income tax return and pay the tax in full by March 1,
2013?
- IF Yes Continue To Process (a)
- IF No Continue To Process (c)
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 15,
2013.
End
This is the ending of the flowchart.
Close Window