Individuals, partnerships, S corporations, etc. in the business of farming report farm income on Schedule F (Form 1040 or 1040-SR). To claim the QBI Deduction for Farm Income, go to:
- Federal Section
- Income
- Profit or Loss from Farming
Enter your farming information and complete the Qualified Business Income questions. The program will automatically calculate the QBI deduction based on your entries.
Corporations use Form 1120 to report the income or loss from regular farming operations.
For additional information about the Schedule F, visit the IRS website.