SCH F Profit or Loss From Farming

SCH F (Form 1040), Profit or Loss From Farming

• Taxpayers use SCH F to report farm income and expenses.

All applicable SCH F Due Diligence Documents must be completed prior to entering ANY information on SCH F.

Follow the instructions below to correctly complete SCH F:

1. Select Add Form.

2. Begin by typing SCH F, into the search bar at the bottom of the All Forms and Schedules Menu.

3. Select Form SCH F. Double-click to add the form.

4.  If a joint return, choose New Taxpayer's or New Spouse's Occurrence.

5. Complete Lines A-G as needed (not all taxpayers will have the information in each section).

6. Complete the QBID indicator. For more information regarding QBID reference What is the Qualified Business Income Deduction (QBID)?

7. Link any 1099-NEC, 1099-MISC, or 1099-K forms.

8. Complete Part I Farm Income-Cash Method or Part III Farm Income-Accrual Method.

9. Complete Part II Farm expenses, as needed. 

You can view a taxpayer's net profit or (loss) on SCH F, Line 34.