What SCHEDULE F (Form 1040) (2012) Is For

Schedule F (Form 1040) is used to report profit or loss from farming activities operated as a sole proprietorship or single-member LLC (IRS Instructions for Schedule F, 2012). Individual farmers, ranchers, and farm partners must file this schedule to report income from selling crops and livestock they raised, government agricultural payments, cooperative distributions, crop insurance proceeds, and related farming income.

The form also allows you to deduct ordinary and necessary farming expenses to calculate your net farm profit or loss, which flows to your Form 1040 and may be subject to self-employment tax reported on Schedule SE.

When You'd Use SCHEDULE F (Form 1040) for 2012 (Late or Amended Filing)

You would file Schedule F for tax year 2012 in several late-filing scenarios.

If you never filed your 2012 return and have now received IRS notices (such as CP59, CP515, or balance due notices), you must file to establish your actual income and avoid estimated assessments.

If you're owed a refund, be aware that the three-year refund statute means you generally must file within three years of the original due date (April 15, 2013, or October 15, 2013 with extension) to claim it—meaning refunds for 2012 likely expired by April 2016 unless exceptions apply (IRS Publication 5, Your Appeal Rights and Claim Disallowances).

If you're correcting errors on an already-filed 2012 Schedule F, you'll use Form 1040X (Amended U.S. Individual Income Tax Return) and attach a corrected 2012 Schedule F.

Late filers should note that failure-to-file penalties accrue at 5% per month (up to 25%) of unpaid tax if you owe, while failure-to-pay penalties add 0.5% monthly, so filing promptly—even if you cannot pay—reduces penalties significantly (IRS Instructions for Form 1040, 2012).

Key Rules Specific to 2012

The 2012 Schedule F included important reporting requirements that differ from earlier years.

• New specified sub-lines (1a, 2a, 7a, 8a, 37a, 42a, and 43a) were added for 2011 and continued in 2012 to implement mandatory reporting of certain commodity and income amounts exceeding thresholds established by the Food, Conservation, and Energy Act of 2008.
• Standard mileage rate for business use of vehicles was 55.5 cents per mile (IRS Instructions for Schedule F, 2012).
• Heavy highway vehicle use tax was extended through September 30, 2017, affecting farmers who used certain trucks.
• Cash method of accounting remained most common, but farming syndicates were required to use accrual accounting.
• Prepaid farm supplies limitation applied if more than 50% of other deductible farm expenses were prepaid, restricting deductions to the year supplies were consumed unless exceptions applied.

Step-by-Step (High Level)

Step 1: Gather Your Income and Expense Records

Collect all 2012 Forms 1099-G, 1099-PATR, 1099-MISC, CCC-1099-G, sales records, receipts, and bank statements documenting farming income and expenses for the year.

Step 2: Request IRS Transcripts Before Filing

Order a Wage and Income Transcript and an Account Transcript for 2012 from IRS.gov or by calling 1-800-908-9946 to verify what income was reported to the IRS by third parties and whether you already filed.
This reconciliation step prevents mismatches that trigger notices.

Step 3: Complete the Correct-Year 2012 Forms

Use the official 2012 Schedule F form and 2012 Form 1040 (downloadable from IRS.gov Prior Year Forms).
Do not use current-year forms.
Calculate your net farm profit or loss on Schedule F, and if you show a profit, complete Schedule SE (Form 1040) to calculate self-employment tax.

Step 4: Attach All Required Schedules and Statements

Include Schedule F with your Form 1040, plus:

• Schedule SE (if applicable)
• Form 4562 (for depreciation or Section 179 deductions)
• Any other required schedules

If filing an amended return, complete Form 1040X and attach the corrected 2012 Schedule F and an explanatory statement.

Step 5: Mail Your Return to the Correct Address

Late original returns for 2012 and amended returns (Form 1040X) cannot be filed electronically and must be mailed to the IRS address listed in the 2012 Form 1040 or Form 1040X instructions based on your state and payment status.

Step 6: Keep Complete Copies for Your Records

Retain copies of your filed return, schedules, supporting documents, and proof of mailing (certified mail recommended) for at least seven years in case of audit (IRS general recordkeeping guidance).

Common Mistakes and How to Avoid Them

Mixing Personal and Farm Expenses

Only deduct expenses directly related to your farming operation.
If an expense serves both personal and business purposes, deduct only the business-use percentage (use mileage logs or allocations).

Incorrectly Reporting Livestock Sales

Sales of raised breeding, dairy, or draft livestock belong on Form 4797 as depreciable property—not Schedule F line 2.
Only livestock raised for resale should appear on Schedule F lines 1 or 2.

Failing to Complete Schedule SE for Self-Employment Tax

Farm profit reported on Schedule F line 34 is subject to self-employment tax.
Forgetting Schedule SE results in underpayment penalties.

Not Capitalizing Preproductive Period Expenses When Required

If producing plants with a preproductive period over two years (orchards, vineyards), you generally must capitalize those costs unless you made a timely election to deduct them.

Misunderstanding the Prepaid Farm Supplies Limitation

If prepaid supplies exceed 50% of your other deductible farm expenses, the excess prepayment isn’t deductible until the year consumed, unless you meet exceptions.

Omitting Required Forms 1099

If you paid $600 or more for services or rents, check “Yes” on line F and file the necessary 1099s to avoid penalties (IRS General Instructions for Certain Information Returns, 2012).

What Happens After You File

After mailing your late or amended 2012 return:

• Processing time: 8–12 weeks for amended returns (Form 1040X), or 6–8 weeks for late originals.
• Status check: Use the IRS “Where’s My Amended Return?” tool after three weeks.
• Balance due: Expect a notice with tax, interest, and penalties calculated from April 15, 2013.

If You Cannot Pay in Full

You can request an installment agreement using Form 9465 or apply online if you owe $50,000 or less.
For financial hardship, you may qualify for Currently Not Collectible status or an Offer in Compromise.

If the IRS Proposes Changes or Denies Claims

You’ll receive a notice (such as CP2000 or Letter 525) explaining adjustments.
You can appeal within 30 days to the IRS Office of Appeals for independent review before collection begins.
Keep all notices and respond promptly to preserve your rights.

FAQs

Can I still get a refund if I file my 2012 Schedule F late in 2025?

Most likely no. Refund claims generally expire three years after the original due date (April 15, 2016, for 2012 returns). Filing now satisfies your obligation but no refund will be issued.

What penalties will I owe for filing my 2012 return late?

If you owe tax:

• Failure-to-file: 5% per month, up to 25%.
• Failure-to-pay: 0.5% per month, up to 25%.
  If both apply, the total monthly cap is 5%.
  Interest compounds daily. You may request penalty abatement with Form 843 if you show reasonable cause.

Do I need to get transcripts before filing a late 2012 return?

Not required, but highly recommended.
Transcripts confirm reported income and help prevent mismatches.
Order free transcripts at IRS.gov or by calling 1-800-908-9946.

If I amend my 2012 Schedule F, can I still claim additional deductions or correct income?

Yes. File Form 1040X with a corrected Schedule F and explanation.
However, if the refund window expired, you can only amend to correct errors or reduce a balance due.

Do I need to file a state amended return if I amend my federal Schedule F for 2012?

Usually yes. Most states base taxes on federal AGI, so changes to your federal return will affect your state return.
File your state amendment after the IRS processes your federal 1040X.

What if I never filed any returns and I'm now filing multiple years including 2012?

File each year separately using the correct-year forms.
Submit in chronological order when possible.
The IRS generally requires the most recent six years of returns for compliance.

Can I claim farm loss carryovers from 2012 on later returns if I file late now?

Generally no. NOL carrybacks and carryforwards have strict time limits.
For 2012, farm NOLs could be carried back 2 years and forward 20 years.
If you file now, the carryback period has expired, but filing still documents the loss for record purposes.