Is schedule F equal to schedule C

Hi

Sole proprietor, farm owner. CPA is asking if can use schedule for Pension purposes. 

Never heard of it but someone may have experience with farm owners.

Thanks 

My understanding is you use line 34 from Schedule F to report your net farm profit or loss.  This is carried forward as net income from self-employment and is used for pension purposes.  This is analogous for non-farm net earnings from self-employment from Schedule C.

Note that line 23 on Schedule F is where you would report contributions the farm business made for common law employees, but not contributions for the farm owner.

Paul, thank you, looks similar to schedule c.

Never dealt with a farmer client  before.

Just be careful that it’s earned income.  For example, my understanding is that when a cattle farmer sells cattle, that is usually a capital gain, not subject to SE tax, so not earned income. Getting their CPA involved is a good recommendation.

Good point, thank you

As long as you use Line 34 of Sch F you will be ok.  Cattle that is purchased and later sold is reported on Form 4797 and not subject to SE.

Since farming is a capital intensive business, it is important to coordinate with the CPA or you will do all of the work to later learn he has a loss from depreciation deductions.