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The Schedule F (Form 1040), Profit or Loss From Farming extracts data from a Schedule F supplement document to Forms 1040. A Schedule F is a document used by taxpayers in the United States to submit annual tax returns regarding profits and losses from farming. The Schedule F (Form 1040), Profit or Loss From Farming documents may be submitted alongside a Form 1040 when reporting income. The Schedule F (Form 1040), Profit or Loss From Farming skill is a preview skill. It has been trained on a limited set of documents and is designed to help you quickly get started with processing Schedule F documents. For production use, you may need to uptrain the skill with your own document samples. This skill recognizes handwritten text. The option is enabled by default. If you do not import handwritten forms, disable the Handwritten option in the skill settings.

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Countries and Languages

CountriesLanguages
USAEnglish

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Extracted Fields

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Basic Information

FieldDescription
FormThe Form 1040 supplement type (e.g., 1040 Schedule F).
YearThe reporting fiscal year.
Name of ProprietorThe name of the farm proprietor.
Social Security Number (SSN)The proprietor’s Social Security Number.

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Farming Details

FieldDescription
Principal Crop or ActivityPrincipal crop or activity of the proprietor.
Code from Part IVThe principal agricultural activity code (listed in Part IV on page 2 of Schedule F).
Employer ID Number (EIN)The Employer ID Number.

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Accounting Method

FieldDescription
CashSpecifies that the proprietor uses cash accounting.
AccrualSpecifies that the proprietor uses accrual accounting.

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Business Activity

FieldDescription
Material Participation in the Operation of This Business during This YearSpecifies whether the proprietor participated materially in agricultural operations during the reporting year. Possible values: Yes, No. If No is specified, see the Limit on passive losses section in the Schedule F instructions.

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Form 1099 Requirements

FieldDescription
Any Payments during This YearSpecifies whether any payments requiring a Form 1099 to be submitted were carried out during the reporting year. Possible values: Yes, No.
Did You or will You File Required Forms 1099Specifies whether the required Forms 1099 have been or will be submitted. Possible values: Yes, No. This field is filled in if the value in Any Payments during This Year is Yes.

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Key Fields

  • Year
  • Social Security Number (SSN)

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Validation Rules

RuleDescription
FormSets the value of the **Form **field to “1040 Schedule F” if the corresponding string (“1040 Schedule F”) is detected in the document.
Clean_Code_from_Part_IVRemoves all non-numeric characters used as separators for the code in the Code from Part IV field.
Clean_EINRemoves all non-numeric characters used as separators for the ID number in the Employer ID Number (EIN) field.