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Schedule F (Form 1040) 2014: Profit or Loss From Farming
Download Schedule F (Form 1040) for tax year 2014, review 2014-specific farming income and expense rules, and get guidance on filing accurately, fixing errors, and reducing IRS penalties.
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What Is This Form
Schedule F (Form 1040) is the federal income tax form sole proprietor farmers use to report farm profit or loss from crop production, animal production, and forestry. Farmers attach this schedule to their individual income tax return to report net earnings from self-employment to the IRS.
Late Filers
Farmers who missed the April 15, 2015, deadline can still file a 2014 Schedule F to stop the failure-to-file penalty from accruing each additional month.
Multiple Income Sources
Schedule F captures sales of raised livestock, crop insurance proceeds, Conservation Reserve Program payments, cooperative distributions, and custom hire income on one federal tax return.
Itemizing Deductions
Farmers with qualifying expenses — including feed, fertilizers, chemicals, and depreciation — can itemize deductions in Part II to reduce net farm profit.
Claiming 2014 Credits
Eligible farmers may claim the gasoline or fuel tax credit or refund on line 8 and other applicable credits on 2014 federal returns.
IRS Compliance
Filing Schedule F creates a compliance record that the IRS may require before approving a payment plan or resolving an outstanding balance on farming income.
Citizens Abroad / Military
U.S. citizens farming abroad or military personnel with farming income must still attach Schedule F if they report net earnings from self-employment.
Eligibility
Schedule F applies to sole proprietor farmers filing a 2014 return, including late filers establishing a compliance record. Any individual who operated a farming business with reportable income or deductible expenses during tax year 2014 must file.
Late Filers
Farmers who missed the April 15, 2015, deadline should still file the 2014 Schedule F to stop the failure-to-file penalty from accruing each month.
Multiple Income Sources
Farmers who received income from raised livestock, CCC loans, crop insurance proceeds, or Conservation Reserve Program payments must report each source on Schedule F.
Itemizing Deductions
Farmers with deductible expenses — labor hired, conservation costs, veterinary fees, depreciation, and real estate rental payments — should itemize those amounts in Part II.
Claiming 2014 Credits
Farmers who paid fuel taxes in 2014 and qualify for the federal fuel tax credit must report that amount on Schedule F line 8.
IRS Compliance
Farmers who received an IRS notice about a missing 2014 return must file Schedule F before the IRS will approve any resolution or payment arrangement.
Citizens Abroad / Military
U.S. farmers operating internationally or military personnel with domestic farming operations must file Schedule F for 2014 and may need additional foreign income forms.
Step-by-Step
Follow the steps below to accurately complete your 2014 Schedule F; note that steps 3, 5, and 6 include rules and figures specific to this tax year.
1. Gather Your Documents Before Starting
Collect all 2014 farm income and expense records before starting, including Form 1099-PATR, Form 1099-G for agricultural program payments, sales receipts, loan records, crop insurance statements, and depreciation schedules. If originals are missing, request IRS transcripts online.
2. Choose the Correct Accounting Method [2014 Only]
On line C, check either Cash or Accrual to select your accounting method. Cash-method farmers complete Parts I and II; accrual-method farmers complete Parts II and III, and Part I, line 9 only. The 2014 Schedule F does not offer a simplified cash-plus option — use only the method consistently applied in prior years to avoid IRS scrutiny.
3. Report All Income on the Correct Lines
Report resale livestock on line 1a, raised livestock on line 2, cooperative distributions on line 3a, agricultural program payments on line 4a, CCC loans on lines 5a–5b, crop insurance on line 6a, and custom hire on line 7. For 2014, Conservation Reserve Program payments are subject to self-employment tax under I.R.C. § 1402(a) unless Social Security Act retirement benefits apply.
4. Calculate Adjusted Gross Income (AGI)
Total all income entries to reach gross income on line 9, then subtract total farm expenses on line 33 to determine net farm profit or loss on line 34. Net farm profit carries to Schedule SE, where net earnings from self-employment are calculated and affect your AGI on Form 1040.
5. Deduct Farm Expenses in Part II [2014 Only]
Itemize allowable expenses on lines 10 through 32f: car and truck expenses, chemicals, conservation expenses, section 179 depreciation, fertilizers, insurance, interest, labor hired, rent or lease payments, repairs, seeds, supplies, taxes, utilities, and veterinary costs. For 2014, the section 179 deduction limit was $500,000, with a phase-out starting at $2,000,000 in total property placed in service.
6. Report Material Participation and Subsidy Status [2014 Only]
Answer line E to confirm material participation in 2014; a "No" answer limits passive loss deductions. If line 34 shows a loss, complete line 35 for applicable subsidy status and check box 36a or 36b for at-risk investment status.
Filing Deadline — April 15, 2015
The 2014 Schedule F was due with the individual income tax return on April 15, 2015. Farmers who needed more time could have filed Form 4868 for an automatic six-month extension to October 15, 2015. Any tax owed was still due on April 15, 2015, and interest began accruing on any unpaid balance from that date.
Refund Deadline — Likely Expired
Under the IRS three-year rule, farmers had until April 15, 2018, to file a 2014 return and claim a refund. That window has closed, and any 2014 refund is permanently forfeited unless a timely extension was filed or a statutory exception applies. Farmers who believe an exception may apply should consult a tax professional before taking action.
Processing Time — Allow Several Months
The IRS generally processes paper individual income tax returns, including those with Schedule F attached, within six to eight weeks, though processing times can extend significantly during peak seasons or periods of IRS backlogs. Farmers who owe a balance should submit payment immediately to minimize additional interest and penalties, even if the return itself has not yet been fully processed.
E-Filing Restrictions — Paper Only for Amended Returns
Amended 2014 returns on Form 1040X with a corrected Schedule F must be submitted on paper and cannot be e-filed. Farmers correcting income, expenses, or accounting method errors should mail the amended return to the address in the Form 1040X instructions for their state and retain proof of mailing.
Missing Schedule F (Form 1040) or Tax Records for 2014?
Late filers often lack original 2014 income documents, but IRS and Social Security Administration records can help reconstruct the information needed to file an accurate farming income tax return. Official transcripts should always be used in place of estimated figures.
IRS Wage & Income Transcript
This free transcript lists all income reported to the IRS by employers, cooperatives, and financial institutions for the 2014 tax year and is available through IRS Get Transcript at IRS.gov.
IRS Account Transcript
The IRS account transcript shows estimated tax payments, penalties applied, and adjustments to the 2014 tax account, making it useful for reconciling discrepancies in any outstanding balance.
Social Security Administration
The Social Security Administration can provide wage records for any farm employees for whom a W-2 is missing, particularly for hired labor reported on Schedule F, line 22.
Contact Prior Employers
If a 1099-PATR, Form 1099-G, or other information return is missing for 2014, contact the issuing cooperative, government agency, or institution directly to request a duplicate copy.
Do not estimate any income figures; use IRS transcripts to match records exactly and reduce the likelihood of follow-up notices from the Internal Revenue Service.
Missing W-2s or Tax Records?
You can still complete your return even without original records
Penalties and interest on any unpaid 2014 tax balance have been accruing since April 15, 2015; filing the Schedule F return now immediately stops the failure-to-file penalty and reduces your total liability going forward.
Failure-to-File Penalty
(5% per month, up to 25%)
The IRS charges 5% of unpaid taxes for each month or partial month the 2014 return remains unfiled, up to a maximum of 25% of the unpaid balance; filing your Schedule F immediately stops this penalty.
Failure-to-Pay Penalty
(0.5% per month + interest)
A separate 0.5% monthly penalty applies to 2014 taxes that remain unpaid after the original deadline, and the IRS also charges daily interest on the outstanding balance; both charges continue to accumulate until the balance is paid in full.
Penalty Abatement Options
(First-Time Abatement & Reasonable Cause)
Farmers with a clean compliance record may qualify for First-Time Abatement to remove the failure-to-file or failure-to-pay penalty. Those with a documented hardship may request reasonable cause relief by submitting a written explanation to the IRS.
Filing late is always better than not filing — the failure-to-file penalty is ten times the failure-to-pay penalty, making submission of your 2014 Schedule F the most important step.
These are the most frequent errors causing IRS delays, rejected returns, or missed credits on 2014 farming returns.
- Using the wrong tax year form — Submitting any prior-year or subsequent-year version of Schedule F will result in automatic rejection; always use the official 2014 form exclusively.
- Missing Schedule SE / net earnings from self-employment — Failing to attach Schedule SE when Schedule F shows a net profit causes the IRS to assess self-employment tax separately, often triggering a penalty notice.
- Wrong accounting method — Switching between cash and accrual without IRS permission, or completing the wrong Schedule F parts, produces an incorrect gross income figure on line 9.
- Applying Pease limitations incorrectly — Farmers itemizing on Schedule A for 2014 must apply the Pease limitation, which reduced certain deductions for higher-income filers; errors here overstate total deductions.
- Treating Conservation Reserve Program income as exempt from self-employment tax — CRP payments are subject to self-employment tax under I.R.C. § 1402(a) unless the farmer qualifies for the Social Security Act retirement benefit exemption per Morehouse.
- Assuming a refund is still available — The three-year window to claim a 2014 refund closed April 15, 2018; filing now stops penalties, but cannot recover any overpayment from that tax year.
- Missing or incorrect Social Security numbers — An incorrect or missing SSN for the farm proprietor on Schedule F causes the IRS to reject the return or mispost any payments received.
- Unsigned return — An unsigned 2014 Form 1040 with Schedule F attached is invalid and will not be processed by the IRS until it is properly signed.
- Missing attachments — Omitting Form 4562 for depreciation, Form 4797 for farm property sales, or Schedule SE will cause the IRS to delay processing or disallow those deductions.
What is Schedule F (Form 1040) (2014) used for?
Schedule F (Form 1040) is the IRS form sole proprietor farmers use to report farm profit or loss for tax year 2014. It captures all farming income and deductible expenses and attaches to Form 1040 to calculate net earnings from self-employment, which carries to Schedule SE for self-employment tax.
Can I still file a 2014 Schedule F tax return?
Yes, you can still file a 2014 Schedule F after the April 15, 2015, deadline. Filing now stops the failure-to-file penalty from accruing. However, the three-year refund window closed April 15, 2018, so late filing addresses compliance but will not recover any 2014 overpayment.
What farming income must be reported on the 2014 Schedule F?
All income from your farming operation must be reported, including sales of raised and resale livestock, produce, and grain sales, cooperative distributions reported on Form 1099-PATR, agricultural program payments reported on Form 1099-G, Commodity Credit Corporation loan proceeds, crop insurance proceeds, Conservation Reserve Program payments, and custom hire income.
How does reporting CRP income work on the 2014 Schedule F?
Conservation Reserve Program payments are reported on Schedule F, line 4a, as agricultural program payments. Most farmers also owe self-employment tax under I.R.C. § 1402(a). Retired farmers receiving Social Security Act benefits may qualify for an exemption — consult a professional about the Eighth Circuit's Morehouse v. Commissioner ruling.
What is the difference between Schedule F and Schedule E for rental income?
Schedule F covers active farming income, including real estate rental payments from farmland used in active production. Schedule E covers passive rental income unconnected to an active farming business. Cash rent paid for farmland where the owner does not materially participate generally belongs on Schedule E, not Schedule F.
Do I need to file Schedule SE with my 2014 Schedule F?
Yes, a net profit of $400 or more on Schedule F requires you to attach Schedule SE to Form 1040 and pay self-employment tax on those net earnings. Self-employment tax funds Social Security and Medicare for farmers and is calculated separately from regular federal income tax.
What is the I.R.C. § 199A deduction, and does it apply to my 2014 Schedule F?
The I.R.C. § 199A qualified business income deduction, which took effect in tax year 2018 under the Tax Cuts and Jobs Act, does not apply to 2014 returns. Farmers filing a 2014 Schedule F cannot claim it; consult current-year instructions if you are filing for a later tax year.
What happens if I do not file a 2014 Schedule F?
Not filing triggers a 5% per month failure-to-file penalty, up to 25%, plus a 0.5% per month failure-to-pay penalty and daily interest. The IRS may also issue a substitute return that disallows farming deductions and produces a higher tax liability than an accurate return would show.
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