Sample Tax Return - Ima Hopefull

The Hopefull family receive an inheritance which is the event that allows them to acquire a small farm and begin to operate and develop a high-value and added-value farming operation.  Several income tax situations are illustrated that commonly may impact a tax return of a young family.  The case study facts regarding four enterprises provides for an interesting outcome for this first year of farming.

The information on these forms and explanations is not from any actual farming operation. However, this sample return uses actual 2011 Income Tax forms to show you how to prepare your income tax return.


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Sample 2011 Farm Income Tax Return - Ima Hopefull

Explanation of Sample 2011 Farm Income Tax Return - Ima Hopefull


Explanations Forms Name of Form
Form 1040 Form 1040 U.S. Individual Income Tax Return
Schedule A Schedule A Itemized Deductions
Schedule C Schedule C Profit or Loss From Business
Schedule F  Schedule F  Profit or Loss From Farming
Schedule SE Schedule SE Self-Employment Tax
Form 2441 Form 2441 Child and Dependent Care Expenses
Form 8889 Form 8889
Health Savings Account (HSA)
Form 4562 for Schedule C
Form 4562 for Schedule C Depreciation and Amortization
Form 4562 for Schedule F Form 4562 for Schedule F Depreciation and Amortization