Pending forms

[11Buster]

Any ideas on how to file a farmer 1040 if form 3800 is still in draft form until March 7th, according to Lacerte.  They must not only pay any amount due by March1st, but also required to file the return by same date.

[BobKamman]

The Committee to End Farmer Mollycoddling suggests making an ES payment now, six weeks late so any penalty shouldn't be much, and file the return when the forms are available.  Taxpayers who qualify for Form 3800 should be able to accept a little inconvenience with their credits.  

[dkh]

What about......File without the 3800 - amend when it is available 

[11Buster]

I believe Lacerte will file it as a blank form, if it is allowed to file it at all.  I know you can "disable efile errors" in the program, but not sure if IRS will accept a blank form.  Also, there is an amount flowing from the (blank) form to the 1040 itself.

[dkh]

I meant remove the F3800 info before efiling.  If it's carryforward info - delete it. 

[11Buster]

Not sure what that first part means..nonetheless, my understanding is that if the return is not actually filed by March 1, 2024 there will be penalties on all prior year estimates NOT made by the regularly scheduled due dates.

[BobKamman]

@11Buster The prior-year estimate for a farmer is a single payment due on January 15.  If it is made six weeks late, it comes out to less than 1%.  And meanwhile, the taxpayer earns half of it back if it's in a money-market fund paying 5%.