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 3, 2014?

IF Yes Continue To Process (a)
IF No Continue To Process (c)

Process (a)

You do not have to pay estimated tax.

Continue To End

Process (b)

Follow the general estimated tax rules.

Continue To End

Process (c)

You must pay your estimated tax (your required annual payment) by January 15, 2013.

Continue To End

End

This is the ending of the flowchart.