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 2023 or 2024 from farming?
| IF Yes Continue To Decision (3) |
| IF No Continue To Process (b) |
Decision (3)
Will your 2024 income tax withholding and credits to be at least 66 2/3% of the tax shown on your 2024 return?
| IF Yes Continue To Process (a) |
| IF No Continue To Decision (4) |
Decision (4)
Will your 2024 income tax withholding and credits be at least 100% of the tax shown on your 2023 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, 2025?
| 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, 2025.
| Continue To End |
End
This is the ending of the flowchart.