Sample Tax Returns
The information on these forms and explanations is not from any actual farming operation. However, these sample returns use actual 2021 Income Tax forms to show you an example of how to prepare your income tax return.
Scenario:
Joe started farming in 2019. Mary works as a teacher at the local school. They have a 7-year-old son and an 11-year-old daughter. Joe farms in an area that is predominantly a no-till corn-soybean rotation, generally producing 150-bushel corn and 40-bushel soybeans. Joe farms rented ground with some share rent and some cash rent. He currently pays the local grain coop to spray all his fields and pays another local farmer to apply fertilizer and harvest his crops. Joe has leased enough pasture for his current herd of 50 cows and grazes corn stalks following harvest to reduce the need for other harvested forage. Joe currently purchases all his winter feed from other local farmers.
See archived sample tax returns here. Please note: these returns are archived due to year-to-year changes in legislation, rules, etc. While the basis holds true and these articles can be helpful for background information or understanding, specifics may no longer be valid.