Farm Income / (Loss)
Enter the income or loss from federal Schedule F. Include a copy of federal Schedule F.
The IA 4562A&B (pdf) may need to be completed if the taxpayer claimed depreciation or section 179 deductions on the federal return.
Iowa has not conformed to most recent federal tax changes related to farm income/loss. Nonconformity adjustments to farm income/loss are reported on IA 1040, line 14. Common adjustments include but are not limited to Iowa modifications for business interest expense limitations, loss limitations, and like-kind exchanges of personal property.
|
Married Separate Filers: Farm income must be reported by the spouse who claims it for self-employment tax purposes on the federal Schedule SE. If the other spouse claims a share of the farm income, then that spouse must attach a worksheet showing how that share was determined based on capital contribution, management and control, and services rendered. |