Publication 225
Farmer's Tax Guide

For use in preparing 2002 Returns

Acknowledgment:

The valuable advice and assistance given us each year by the National Farm Income Tax Extension Committee is gratefully acknowledged.

Important Dates

You should take the action indicated on or before the dates listed. Saturdays, Sundays, and legal holidays have been taken into account, but statewide holidays have not. A statewide legal holiday delays a due date only if the IRS office where you are required to file is located in that state.

Due dates for deposits of withheld income taxes, social security taxes, and Medicare taxes are not listed here. For these dates, see Publication 509, Tax Calendars for 2003.

Fiscal year taxpayers.   Generally, the due dates listed apply whether you use a calendar or a fiscal year. However, if you have a fiscal year, refer to Publication 509 for certain exceptions that may apply to you.

2003 Calendar Year

During January

Farm employers.   Give your employees their copies of Form W-2 for 2002 by January 31, 2003.

January 15

Farmers.   Pay your estimated tax for 2002 using Form 1040-ES. You have until April 15 to file your 2002 income tax return (Form 1040). If you do not pay your estimated tax by January 15, you must file your 2002 return and pay any tax due by March 3, 2003, to avoid an estimated tax penalty.

January 31

Farm employers.   Give your employees their copies of Form W-2 for 2002. If an employee agreed to receive Form W-2 electronically, have it posted on a web site and notify the employee of the posting.

Social security, Medicare, and withheld income tax.   File Form 943 to report social security and Medicare taxes and withheld income tax for 2002. Deposit any undeposited tax. (If your tax liability is less than $2,500, you can pay it in full with a timely filed return.) If you deposited the tax for the year in full and on time, you have until February 10 to file the return. (Do not report wages for nonagricultural services on Form 943.)

All farm businesses.   Give annual information statements to recipients of certain payments you made during 2002. You can use the appropriate version of Form 1099 or other information return. Form 1099 can be issued electronically with the consent of the recipient. For more information, see Information Returns in chapter 2.

Federal unemployment (FUTA) tax.   File Form 940 (or 940-EZ) for 2002. If your undeposited tax is $100 or less, you can either pay it with your return or deposit it. If it is more than $100, you must deposit it. However, if you deposited the tax for the year in full and on time, you have until February 10 to file the return. For more information on FUTA tax, see chapter 16.

February 10

Social security, Medicare, and withheld income tax.   File Form 943 to report social security, Medicare, and withheld income tax for 2002. This due date applies only if you deposited the tax for the year in full and on time.

Federal unemployment (FUTA) tax.   File Form 940 (or 940-EZ) for 2002. This due date applies only if you deposited the tax for the year in full and on time.

February 28

All farm businesses.   File information returns (Form 1099) for certain payments you made during 2002. There are different forms for different types of payments. Use a separate Form 1096 to summarize and transmit the forms for different types of payments.

If you file Forms 1099 electronically (not by magnetic media), your due date for filing them with the IRS is extended to March 31. The due date for giving the recipient these forms is still January 31.

Farm employers.   File Form W-3, Transmittal of Wage and Tax Statements, along with Copy A of all the Forms W-2 you issued for 2002.

If you file Forms W-2 electronically (not by magnetic media), your due date for filing them with the Social Security Administration (SSA) is extended to March 31. The due date for giving the recipient these forms is still January 31.

For more information, see Form W-2 under Information Returns in chapter 2.

March 3

Farmers.   File your 2002 income tax return (Form 1040) and pay any tax due. However, you have until April 15 to file if you paid your 2002 estimated tax by January 15, 2003.

March 17

Corporations.   File a 2002 calendar year income tax return (Form 1120 or 1120-A) and pay any tax due. For more information, see Paying and Filing Income Taxes in Publication 542, Corporations.

March 31

Electronic filing of Forms 1099 and W-2.   File Forms 1099 with the IRS and Forms W-2 with the SSA. This due date applies only if you file electronically (not by magnetic media). Otherwise, the due date is February 28.

The due date for giving the recipient these forms is still January 31.

For information about filing Forms 1099 electronically, see Publication 1220, Specifications for Filing Forms 1098, 1099, 5498, and W-2 Magnetically or Electronically. For information about filing Forms W-2 electronically with the Social Security Administration, call 1-800-772-6270.

April 15

Farmers.   File an income tax return (Form 1040) for 2002 and pay any tax due if you did not file by March 3.

Partnerships.   File a 2002 calendar year return (Form 1065). For more information, see Partnership Return (Form 1065) in Publication 541, Partnerships.

April 30

Federal unemployment (FUTA) tax.   If you are liable for FUTA tax, deposit the tax owed through March if more than $100.

July 31

Federal unemployment (FUTA) tax.   If you are liable for FUTA tax, deposit the tax owed through June if more than $100.

October 31

Federal unemployment (FUTA) tax.   If you are liable for FUTA tax, deposit the tax owed through September if more than $100.

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