Summary Table for Optional Methods of Computing Farm Self-Employment Income
June 8, 2008 by admin
1241. Summary Table for Optional Methods of Computing Farm Self-Employment Income
The following table summarizes the effect of the optional method of figuring the amount of self-employment income to be reported when all your earnings are from farm self-employment for taxable years beginning after 1965:
|
If the gross farm income is... |
And the net farm profit is... |
Then the self-employment income to be reported is: |
|
|---|---|---|---|
|
Regular method |
Optional method |
||
|
Under $600 |
Under $400 |
None |
None |
|
Under $600 |
$400 to $599 |
Actual net |
None |
|
$600 to $2,400 |
Under $400 |
None |
Two-thirds of gross |
|
$600 to $2,400 |
$400 to $2,400 |
Actual net |
Two-thirds of gross |
|
More than $2,400 |
Under $400 |
None |
$1,600 |
|
More than $2,400 |
$400 to $1,599 |
Actual net |
$1,600 |
|
More than $2,400 |
$1,600 and over |
Actual net |
Actual net* |
* Option cannot be used.
Last Revised: March, 2001
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