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Farmers & Fishermen

Question: Most of my income is from farming. Are there any special provisions related to estimated tax payments for farmers?

Answer:

If you are a calendar year taxpayer and at least two-thirds of your gross income for 2012 or 2013 is from farming or fishing, you have only one payment due date for your 2013 estimated tax, January 15, 2014. The due dates for the first three payment periods do not apply to you.  See "When To Pay Estimated Tax" in Publication 505, Tax Withholding and Estimated Tax.

The penalty for failure to pay estimated taxes, which includes failing to pay enough estimated taxes, for 2013 is figured on the difference between the amount of 2012 withholding plus estimated tax you paid by the due date and the smaller of:

  1. 66 ⅔% (rather than 90%) of your 2013 tax, or
  2. 100% of the tax shown on your 2012 return.

If you are a calendar year taxpayer and you file your 2013 Form 1040 by March 3, 2014, you do not need to make an estimated tax payment if you pay all the tax you owe at that time.   

Fiscal year farmers and fishermen.  If you are a farmer or fisherman, but your tax year does not start on January 1, you can either:

  • Pay all your estimated tax by the 15th day after the end of your tax year, or
  • File your return and pay all the tax you owe by the 1st day of the 3rd month after the end of your tax year. (If this date falls on a weekend or legal holiday, you have until the next business day to pay all the tax you owe.)

Additional Information:


Category: Estimated Tax
Subcategory: Farmers & Fishermen

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The OMB number for this study is 1545-1432.
If you have any comments regarding this study, please write to:
IRS, Tax Products Coordinating Committee
SE:W:CAR:MP:T:T:SP
1111 Constitution Avenue NW
Washington, DC 20224