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1040ez Fillable Form

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1040ez Fillable Form

1040ez fillable form 5. 1040ez fillable form   Soil and Water Conservation Expenses Table of Contents Introduction Topics - This chapter discusses: Business of Farming Plan Certification Conservation ExpensesWater well. 1040ez fillable form Assessment by Conservation DistrictAssessment for Depreciable Property 25% Limit on DeductionNet operating loss. 1040ez fillable form When to Deduct or Capitalize Sale of a Farm Introduction If you are in the business of farming, you can choose to deduct certain expenses for: Soil or water conservation, Prevention of erosion of land used in farming, or Endangered species recovery. 1040ez fillable form Otherwise, these are capital expenses that must be added to the basis of the land. 1040ez fillable form (See chapter 6 for information on determining basis. 1040ez fillable form ) Conservation expenses for land in a foreign country do not qualify for this special treatment. 1040ez fillable form The deduction for conservation expenses cannot be more than 25% of your gross income from farming. 1040ez fillable form See 25% Limit on Deduction , later. 1040ez fillable form Although some expenses are not deductible as soil and water conservation expenses, they may be deductible as ordinary and necessary farm expenses. 1040ez fillable form These include interest and taxes, the cost of periodically clearing brush from productive land, the regular removal of sediment from a drainage ditch, and expenses paid or incurred primarily to produce an agricultural crop that may also conserve soil. 1040ez fillable form You must include in income most government payments for approved conservation practices. 1040ez fillable form However, you can exclude some payments you receive under certain cost-sharing conservation programs. 1040ez fillable form For more information, see Agricultural Program Payments in chapter 3. 1040ez fillable form To get the full deduction to which you are entitled, you should maintain your records to clearly distinguish between your ordinary and necessary farm business expenses and your soil and water conservation expenses. 1040ez fillable form Topics - This chapter discusses: Business of farming Plan certification Conservation expenses Assessment by conservation district 25% limit on deduction When to deduct or capitalize Sale of a farm Business of Farming For purposes of soil and water conservation expenses, you are in the business of farming if you cultivate, operate, or manage a farm for profit, either as an owner or a tenant. 1040ez fillable form You are not in the business of farming if you cultivate or operate a farm for recreation or pleasure, rather than for profit. 1040ez fillable form You are not farming if you are engaged only in forestry or the growing of timber. 1040ez fillable form Farm defined. 1040ez fillable form   A farm includes livestock, dairy, poultry, fish, fruit, and truck farms. 1040ez fillable form It also includes plantations, ranches, ranges, and orchards. 1040ez fillable form A fish farm is an area where fish and other marine animals are grown or raised and artificially fed, protected, etc. 1040ez fillable form It does not include an area where they are merely caught or harvested. 1040ez fillable form A plant nursery is a farm for purposes of deducting soil and water conservation expenses. 1040ez fillable form Farm rental. 1040ez fillable form   If you own a farm and receive farm rental payments based on farm production, either in cash or crop shares, you are in the business of farming. 1040ez fillable form If you get cash rental for a farm you own that is not used in farm production, you cannot deduct soil and water conservation expenses for that farm. 1040ez fillable form   If you receive a fixed rental payment that is not based on farm production, you are in the business of farming only if you materially participate in operating or managing the farm. 1040ez fillable form Example. 1040ez fillable form You own a farm in Iowa and live in California. 1040ez fillable form You rent the farm for $175 in cash per acre and do not materially participate in producing or managing production of the crops grown on the farm. 1040ez fillable form You cannot deduct your soil conservation expenses for this farm. 1040ez fillable form You must capitalize the expenses and add them to the basis of the land. 1040ez fillable form     For more information, see Material participation for landlords under Landlord Participation in Farming in chapter 12. 1040ez fillable form Plan Certification You can deduct soil and water conservation expenses only if they are consistent with a plan approved by the Natural Resources Conservation Service (NRCS) of the Department of Agriculture. 1040ez fillable form If no such plan exists, the expenses must be consistent with a soil conservation plan of a comparable state agency. 1040ez fillable form Keep a copy of the plan with your books and records to support your deductions. 1040ez fillable form Conservation plan. 1040ez fillable form   A conservation plan includes the farming conservation practices approved for the area where your farmland is located. 1040ez fillable form There are three types of approved plans. 1040ez fillable form NRCS individual site plans. 1040ez fillable form These plans are issued individually to farmers who request assistance from NRCS to develop a conservation plan designed specifically for their farmland. 1040ez fillable form NRCS county plans. 1040ez fillable form These plans include a listing of farm conservation practices approved for the county where the farmland is located. 1040ez fillable form You can deduct expenses for conservation practices not included on the NRCS county plans only if the practice is a part of an individual site plan. 1040ez fillable form Comparable state agency plans. 1040ez fillable form These plans are approved by state agencies and can be approved individual site plans or county plans. 1040ez fillable form   A list of NRCS conservation programs is available at www. 1040ez fillable form nrcs. 1040ez fillable form usda. 1040ez fillable form gov/programs. 1040ez fillable form Individual site plans can be obtained from NRCS offices and the comparable state agencies. 1040ez fillable form Conservation Expenses You can deduct conservation expenses only for land you or your tenant are using, or have used in the past, for farming. 1040ez fillable form These expenses include, but are not limited to, the following. 1040ez fillable form The treatment or movement of earth, such as: Leveling, Conditioning, Grading, Terracing, Contour furrowing, and Restoration of soil fertility. 1040ez fillable form The construction, control, and protection of: Diversion channels, Drainage ditches, Irrigation ditches, Earthen dams, and Watercourses, outlets, and ponds. 1040ez fillable form The eradication of brush. 1040ez fillable form The planting of windbreaks. 1040ez fillable form You cannot deduct expenses to drain or fill wetlands, or to prepare land for center pivot irrigation systems, as soil and water conservation expenses. 1040ez fillable form These expenses are added to the basis of the land. 1040ez fillable form If you choose to deduct soil and water conservation expenses, you cannot exclude from gross income any cost-sharing payments you receive for those expenses. 1040ez fillable form See chapter 3 for information about payments eligible for the cost-sharing exclusion. 1040ez fillable form New farm or farmland. 1040ez fillable form   If you acquire a new farm or new farmland from someone who was using it in farming immediately before you acquired the land, soil and water conservation expenses you incur on it will be treated as made on land used in farming at the time the expenses were paid or incurred. 1040ez fillable form You can deduct soil and water conservation expenses for this land if your use of it is substantially a continuation of its use in farming. 1040ez fillable form The new farming activity does not have to be the same as the old farming activity. 1040ez fillable form For example, if you buy land that was used for grazing cattle and then prepare it for use as an apple orchard, you can deduct your conservation expenses. 1040ez fillable form Land not used for farming. 1040ez fillable form   If your conservation expenses benefit both land that does not qualify as land used for farming and land that does qualify, you must allocate the expenses between the two types of land. 1040ez fillable form For example, if the expenses benefit 200 acres of your land, but only 120 acres of this land are used for farming, then you can deduct 60% (120 ÷ 200) of the expenses. 1040ez fillable form You can use another method to allocate these expenses if you can clearly show that your method is more reasonable. 1040ez fillable form Depreciable conservation assets. 1040ez fillable form   You generally cannot deduct your expenses for depreciable conservation assets. 1040ez fillable form However, you can deduct certain amounts you pay or incur for an assessment for depreciable property that a soil and water conservation or drainage district levies against your farm. 1040ez fillable form See Assessment for Depreciable Property , later. 1040ez fillable form   You must capitalize expenses to buy, build, install, or improve depreciable structures or facilities. 1040ez fillable form These expenses include those for materials, supplies, wages, fuel, hauling, and moving dirt when making structures such as tanks, reservoirs, pipes, culverts, canals, dams, wells, or pumps composed of masonry, concrete, tile, metal, or wood. 1040ez fillable form You recover your capital investment through annual allowances for depreciation. 1040ez fillable form   You can deduct soil and water conservation expenses for nondepreciable earthen items. 1040ez fillable form Nondepreciable earthen items include certain dams, ponds, and terraces described under Property Having a Determinable Useful Life in chapter 7. 1040ez fillable form Water well. 1040ez fillable form   You cannot deduct the cost of drilling a water well for irrigation and other agricultural purposes as a soil and water conservation expense. 1040ez fillable form It is a capital expense. 1040ez fillable form You recover your cost through depreciation. 1040ez fillable form You also must capitalize your cost for drilling a test hole. 1040ez fillable form If the test hole produces no water and you continue drilling, the cost of the test hole is added to the cost of the producing well. 1040ez fillable form You can recover the total cost through depreciation deductions. 1040ez fillable form   If a test hole, dry hole, or dried-up well (resulting from prolonged lack of rain, for instance) is abandoned, you can deduct your unrecovered cost in the year of abandonment. 1040ez fillable form Abandonment means that all economic benefits from the well are terminated. 1040ez fillable form For example, filling or sealing a well excavation or casing so that all economic benefits from the well are terminated constitutes an abandonment. 1040ez fillable form Endangered species recovery expenses. 1040ez fillable form   If you are in the business of farming and meet other specific requirements, you can choose to deduct the conservation expenses discussed earlier as endangered species recovery expenses. 1040ez fillable form Otherwise, these are capital expenses that must be added to the basis of the land. 1040ez fillable form   The expenses must be paid or incurred for the purpose of achieving site-specific management actions recommended in a recovery plan approved under section 4(f) of the Endangered Species Act of 1973. 1040ez fillable form See Internal Revenue Code section 175 for more information. 1040ez fillable form Assessment by Conservation District In some localities, a soil or water conservation or drainage district incurs expenses for soil or water conservation and levies an assessment against the farmers who benefit from the expenses. 1040ez fillable form You can deduct as a conservation expense amounts you pay or incur for the part of an assessment that: Covers expenses you could deduct if you had paid them directly, or Covers expenses for depreciable property used in the district's business. 1040ez fillable form Assessment for Depreciable Property You generally can deduct as a conservation expense amounts you pay or incur for the part of a conservation or drainage district assessment that covers expenses for depreciable property. 1040ez fillable form This includes items such as pumps, locks, concrete structures (including dams and weir gates), draglines, and similar equipment. 1040ez fillable form The depreciable property must be used in the district's soil and water conservation activities. 1040ez fillable form However, the following limits apply to these assessments. 1040ez fillable form The total assessment limit. 1040ez fillable form The yearly assessment limit. 1040ez fillable form After you apply these limits, the amount you can deduct is added to your other conservation expenses for the year. 1040ez fillable form The total for these expenses is then subject to the 25% of gross income from farming limit on the deduction, discussed later. 1040ez fillable form See Table 5-1 for a brief summary of these limits. 1040ez fillable form Table 5-1. 1040ez fillable form Limits on Deducting an Assessment by a Conservation District for Depreciable Property Total Limit on Deduction for Assessment for Depreciable Property Yearly Limit on Deduction for Assessment for Depreciable Property Yearly Limit for All Conservation Expenses 10% of: $500 + 10% of: 25% of: Total assessment against all members of the district for the property. 1040ez fillable form Your deductible share of the cost to the district for the property. 1040ez fillable form Your gross income from farming. 1040ez fillable form No one taxpayer can deduct more than 10% of the total assessment. 1040ez fillable form Any amount over 10% is a capital expense and is added to the basis of your land. 1040ez fillable form If an assessment is paid in installments, each payment must be prorated between the conservation expense and the capital expense. 1040ez fillable form If the amount you pay or incur for any year is more than the limit, you can deduct for that year only 10% of your deductible share of the cost. 1040ez fillable form You can deduct the remainder in equal amounts over the next 9 tax years. 1040ez fillable form Limit for all conservation expenses, including assessments for depreciable property. 1040ez fillable form Amounts greater than 25% can be carried to the following year and added to that year's expenses. 1040ez fillable form The total is then subject to the 25% of gross income from farming limit in that year. 1040ez fillable form To ensure your deduction is within the deduction limits, keep records to show the following. 1040ez fillable form The total assessment against all members of the district for the depreciable property. 1040ez fillable form Your deductible share of the cost to the district for the depreciable property. 1040ez fillable form Your gross income from farming. 1040ez fillable form Total assessment limit. 1040ez fillable form   You cannot deduct more than 10% of the total amount assessed to all members of the conservation or drainage district for the depreciable property. 1040ez fillable form This applies whether you pay the assessment in one payment or in installments. 1040ez fillable form If your assessment is more than 10% of the total amount assessed, both the following rules apply. 1040ez fillable form The amount over 10% is a capital expense and is added to the basis of your land. 1040ez fillable form If the assessment is paid in installments, each payment must be prorated between the conservation expense and the capital expense. 1040ez fillable form Yearly assessment limit. 1040ez fillable form   The maximum amount you can deduct in any one year is the total of 10% of your deductible share of the cost as explained earlier, plus $500. 1040ez fillable form If the amount you pay or incur is equal to or less than the maximum amount, you can deduct it in the year it is paid or incurred. 1040ez fillable form If the amount you pay or incur is more, you can deduct in that year only 10% of your deductible share of the cost. 1040ez fillable form You can deduct the remainder in equal amounts over the next 9 tax years. 1040ez fillable form Your total conservation expense deduction for each year is also subject to the 25% of gross income from farming limit on the deduction, discussed later. 1040ez fillable form Example 1. 1040ez fillable form This year, the soil conservation district levies and you pay an assessment of $2,400 against your farm. 1040ez fillable form Of the assessment, $1,500 is for digging drainage ditches. 1040ez fillable form You can deduct this part as a soil or conservation expense as if you had paid it directly. 1040ez fillable form The remaining $900 is for depreciable equipment to be used in the district's irrigation activities. 1040ez fillable form The total amount assessed by the district against all its members for the depreciable equipment is $7,000. 1040ez fillable form The total amount you can deduct for the depreciable equipment is limited to 10% of the total amount assessed by the district against all its members for depreciable equipment, or $700. 1040ez fillable form The $200 excess ($900 − $700) is a capital expense you must add to the basis of your farm. 1040ez fillable form To figure the maximum amount you can deduct for the depreciable equipment this year, multiply your deductible share of the total assessment ($700) by 10%. 1040ez fillable form Add $500 to the result for a total of $570. 1040ez fillable form Your deductible share, $700, is greater than the maximum amount deductible in one year, so you can deduct only $70 of the amount you paid or incurred for depreciable property this year (10% of $700). 1040ez fillable form You can deduct the balance at the rate of $70 a year over the next 9 years. 1040ez fillable form You add $70 to the $1,500 portion of the assessment for drainage ditches. 1040ez fillable form You can deduct $1,570 of the $2,400 assessment as a soil and water conservation expense this year, subject to the 25% of gross income from farming limit on the deduction, discussed later. 1040ez fillable form Example 2. 1040ez fillable form Assume the same facts in Example 1 except that $1,850 of the $2,400 assessment is for digging drainage ditches and $550 is for depreciable equipment. 1040ez fillable form The total amount assessed by the district against all its members for depreciable equipment is $5,500. 1040ez fillable form The total amount you can deduct for the depreciable equipment is limited to 10% of this amount, or $550. 1040ez fillable form The maximum amount you can deduct this year for the depreciable equipment is $555 (10% of your deductible share of the total assessment, $55, plus $500). 1040ez fillable form Since your deductible share is less than the maximum amount deductible in one year, you can deduct the entire $550 this year. 1040ez fillable form You can deduct the entire assessment, $2,400, as a soil and water conservation expense this year, subject to the 25% of gross income from farming limit on the deduction, discussed below. 1040ez fillable form Sale or other disposal of land during 9-year period. 1040ez fillable form   If you dispose of the land during the 9-year period for deducting conservation expenses subject to the yearly limit, any amounts you have not yet deducted because of this limit are added to the basis of the property. 1040ez fillable form Death of farmer during 9-year period. 1040ez fillable form   If a farmer dies during the 9-year period, any remaining amounts not yet deducted are deducted in the year of death. 1040ez fillable form 25% Limit on Deduction The total deduction for conservation expenses in any tax year is limited to 25% of your gross income from farming for the year. 1040ez fillable form Gross income from farming. 1040ez fillable form   Gross income from farming is the income you derive in the business of farming from the production of crops, fish, fruits, other agricultural products, or livestock. 1040ez fillable form Gains from sales of draft, breeding, or dairy livestock are included. 1040ez fillable form Gains from sales of assets such as farm machinery, or from the disposition of land, are not included. 1040ez fillable form Carryover of deduction. 1040ez fillable form   If your deductible conservation expenses in any year are more than 25% of your gross income from farming for that year, you can carry the unused deduction over to later years. 1040ez fillable form However, the deduction in any later year is limited to 25% of the gross income from farming for that year as well. 1040ez fillable form Example. 1040ez fillable form In 2012, you have gross income of $32,000 from two farms. 1040ez fillable form During the year, you incurred $10,000 of deductible soil and water conservation expenses for one of the farms. 1040ez fillable form However, your deduction is limited to 25% of $32,000, or $8,000. 1040ez fillable form The $2,000 excess ($10,000 − $8,000) is carried over to 2013 and added to deductible soil and water conservation expenses made in that year. 1040ez fillable form The total of the 2012 carryover plus 2013 expenses is deductible in 2013, subject to the limit of 25% of your gross income from farming in 2013. 1040ez fillable form Any expenses over the limit in that year are carried to 2014 and later years. 1040ez fillable form Net operating loss. 1040ez fillable form   The deduction for soil and water conservation expenses, after applying the 25% limit, is included when figuring a net operating loss (NOL) for the year. 1040ez fillable form If the NOL is carried to another year, the soil and water conservation deduction included in the NOL is not subject to the 25% limit in the year to which it is carried. 1040ez fillable form When to Deduct or Capitalize If you choose to deduct soil and water conservation expenses, you must deduct the total allowable amount on your tax return for the first year you pay or incur these expenses. 1040ez fillable form If you do not choose to deduct the expenses, you must capitalize them. 1040ez fillable form Change of method. 1040ez fillable form   If you want to change your method for the treatment of soil and water conservation expenses, or you want to treat the expenses for a particular project or a single farm in a different manner, you must get the approval of the IRS. 1040ez fillable form To get this approval, submit a written request by the due date of your return for the first tax year you want the new method to apply. 1040ez fillable form You or your authorized representative must sign the request. 1040ez fillable form   The request must include the following information. 1040ez fillable form Your name and address. 1040ez fillable form The first tax year the method or change of method is to apply. 1040ez fillable form Whether the method or change of method applies to all your soil and water conservation expenses or only to those for a particular project or farm. 1040ez fillable form If the method or change of method does not apply to all your expenses, identify the project or farm to which the expenses apply. 1040ez fillable form The total expenses you paid or incurred in the first tax year the method or change of method is to apply. 1040ez fillable form A statement that you will account separately in your books for the expenses to which this method or change of method relates. 1040ez fillable form Send your request to the following  address. 1040ez fillable form  Department of the Treasury Internal Revenue Service Center Cincinnati, OH 45999  For more information, see Change in  Accounting Method in chapter 2. 1040ez fillable form Sale of a Farm If you sell your farm, you cannot adjust the basis of the land at the time of the sale for any unused carryover of soil and water conservation expenses (except for deductions of assessments for depreciable property, discussed earlier). 1040ez fillable form However, if you acquire another farm and return to the business of farming, you can start taking deductions again for the unused carryovers. 1040ez fillable form Gain on sale of farmland. 1040ez fillable form   If you held the land 5 years or less before you sold it, gain on the sale of the land is treated as ordinary income up to the amount you previously deducted for soil and water conservation expenses. 1040ez fillable form If you held the land less than 10 but more than 5 years, the gain is treated as ordinary income up to a specified percentage of the previous deductions. 1040ez fillable form See Section 1252 property under Other Gains in chapter 9. 1040ez fillable form Prev  Up  Next   Home   More Online 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Pension Benefit Guaranty Corporation (PBGC)

Funded by the insurance premiums it collects and other investments, the Pension Benefit Guaranty Corporation insures and guarantees private sector workers' pensions. The contact information below is primarily for workers or retirees. If you are a plan sponsor or administrator, use the contact link below to find the appropriate information.

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Website: Pension Benefit Guaranty Corporation (PBGC)

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Address: PBGC
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Alexandria, VA 22315-1750

Phone Number: (202) 326-4000(202) 326-4242 (Plan Sponsors, Administrators or Practitioners)

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The 1040ez Fillable Form

1040ez fillable form Index A Additional Child Tax Credit How to claim the additional child tax credit, Additional Child Tax Credit Assistance (see Tax help) C Child Tax Credit Qualifying child, Child Tax Credit Claiming the Credit, Claiming the Credit E Earned Income, Earned Income F Free tax services, Free help with your tax return. 1040ez fillable form H Help (see Tax help) L Limits on the Credit AGI, Limits on the Credit Modified AGI, Limits on the Credit P Publications (see Tax help) Q Qualifying Child Adopted child, Qualifying Child Exceptions to time lived with you, Qualifying Child Qualifying child of more than one person, Qualifying Child T Tax help, How To Get Tax Help TTY/TDD information, How To Get Tax Help Prev  Up     Home   More Online Publications