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11. FARM INCOME/(LOSS)
Enter the income or loss from Federal Schedule F. Attach a copy to your Iowa return.
The IA 4562A may need to be completed if the taxpayer claimed the bonus depreciation deduction for assets placed in service between September 11, 2001, and May 5, 2003, on the Federal return. For more information on bonus depreciation, see line 14.
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Married Separate Filers: Farm income must be reported by the spouse who claims it for self-employment tax purposes on the Federal Schedule SE. If the other spouse claims a share of the farm income, then that spouse must attach a worksheet showing how that share was determined based on capital contribution, management and control, and services rendered. |