How do I report my Profit or Loss from Farming?

If you earn income from operating a farm, you'll generally report that income and any related expenses on Schedule F (Profit or Loss From Farming). Schedule F is used to calculate whether your farming activity resulted in a profit or a loss for the tax year.

Entering Farm Income or Loss

To report income or a loss from farming, follow these steps:

1. Go to the Federal section.
2. Select Income (Select My Forms)
3. Begin on Profit or Loss from Farming
4. Enter your farming income, expenses, and other required information.

The program will use your entries to prepare Schedule F and calculate your net farm profit or loss.

Reporting Crop Insurance Proceeds

If you received crop insurance proceeds reported in Box 9 of Form 1099-MISC, those proceeds are generally reported on Schedule F as farm income.

Be sure to have your Form 1099-MISC available when entering your farming information to ensure the income is reported correctly.

Additional Information

For more details about reporting farm income and expenses, see IRS instructions for Schedule F.