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Entering Conservation Reserve Program Tax payments, not subject to Self-Employment, for a Farm activity in Lacerte
by Intuit• Updated 3 months ago
There are two methods to enter Farm related Conservation Reserve Program payments not subject to self-employment in Lacerte:
Method 1
- Create a new Farm activity in Screen 19, Farm Income (Schedule E / Form 4835) by clicking on the Add button located in the left-hand navigation column.
- Enter applicable Farm activity information, including principal product, employee ID number, agricultural activity code, income, and expenses.
- In the Farm Income section, enter the Conservation Reserve Program payment amount not subject to Self-Employment in the field titled Conservation reserve payments not subject to SE tax.
- Navigate to the Table of Contents by clicking on the Contents tab along the bottom of the input screen, located to the far left.
- In the Table of Contents list, click on Screen 14.2, State Tax Refunds, Unemployment Comp.
- Enter the Conservation Reserve Program payment amount in the Agricultural payments (7) field. It will be located in the Federal section, just under the subsection title Agricultural Payments.
- To link the amount entered in step 6 to the correct Farm activity, click the down arrow next to the field Farm activity name or number (Ctrl+T). Click on the Farm activity set up in step 1.
- To designate the amount as a Conservation Reserve Program payment, mark the box Agriculture payments are from a conservation reserve program.
Method 2
- Create a new Farm activity in Screen 19, Farm Income (Schedule E / Form 4835) by clicking on the Add button located in the left-hand navigation column.
- Enter applicable Farm activity information, including principal product, employee ID number, agricultural activity code, income, and expenses.
- In the Farm Income section, enter the Conservation Reserve Program payment amount in the field Total conservation reserve program payments [O].
- Enter the taxable amount in Taxable conservation reserve program payments [O].
- Enter the amount not subject to Self-Employment in the field titled Conservation reserve payments not subject to SE tax.
Both of these methods will fill out Schedule F line 6a and 6b (or Form 4835 lines 3a and 3b if a Farm Rental activity) and Schedule SE line 1b.
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