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11. FARM INCOME / (LOSS)

Enter the income or loss from federal Schedule F. Include a copy with your Iowa return.

The IA 4562A (pdf) may need to be completed if the taxpayer claimed the bonus depreciation / section 179 deduction on the federal return. For more information on bonus depreciation / section 179, see line 14.

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.

 

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