The Schedule F - Farm Income and Expenses tab is used to enter the amounts found on the Tax Return's Schedule F, the publication 587 worksheet, and the FSP 1040 Supplement - Payments on Principal of the Purchase Price documents.
Different programs may use different entry lines. Enter information on each line that has a corresponding amount on the tax schedule. When different programs use amounts differently, the line specifies the program. Enter the amount in both spaces as other programs may be added later. Budgeting rules will use the information entered to compute the countable income based on the rules for each program.
When previously entered tax information is displayed. Update by overlaying the information.
The fields below are based on the 2011 Tax forms.
FSP - Crop Insurance Taxable Amount: Enter the amount from Line 8(b) on the Schedule F.
FSP - Crop Insurance Amount Deferred: Enter the amount from Line 8(d) on the Schedule F.
Federal or State Fuel Tax Credits or Refunds: Enter only the amount from Line 10 that represents the Fuel Tax credits or refunds. Do not automatically enter the total amount on line 10.
PA - Gross Income: Public Assistance programs begin the Schedule F calculation with this amount. If there is a profit - enter the amount from Line 11 on the Schedule F in the first field. If there is a loss - enter the amount from Line 11 on the Schedule F in the second field.
Depreciation: Enter the amount from Line 16 on the Schedule F.
Other disallowed Items from Part II: Other Disallowed items from Part II, Line 34a-f. Do not allow the full amount on Line 34a thru 34f on the Schedule F. Enter only those expenses that are not allowed by policy such as dues, subscriptions, and entertainment expenses.
PA - Total Expenses: Enter the amount from Line 35 on the Schedule F.
FSP - Net Farm Profit or Loss: The Food Stamp program begins the Schedule F calculation with this amount. If there is a profit - enter the amount from Line 36 on the Schedule F in the first field. If there is a loss - enter the amount from Line 36 on the Schedule F in the second field.
PA - Publication 587 worksheet (depreciation of the home): Public Assistance programs use this amount. Enter the amount from line 28 of the Publication 587 worksheet. If any Business Use of the Home is claimed on a Schedule F, the individual must calculate the allowable cost on an IRS Publication 587 worksheet and the resulting cost is entered on Line 34a - 34f of the Schedule F. In order to see if this cost includes any depreciation, you will need to review the worksheet, which is shown on Line 28 of the Publication 587 worksheet.
FSP 1040 Supplement - Payment on Principal of the Purchase Price: Enter the amount from the "Food Stamp Program tool FSP1040 Supplemental" found in the FSP Best Practices Log and completed by the self employed person . Self employment for tax year 2001 or earlier will not have this figure.
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NFO2BB34K(516)
(07/2012)