Schedule F Income

Write your awesome label here.

Course Description

This course walks tax professionals through reporting a farmer’s income on Part I of Schedule F — sales of raised products and purchased resale items, cooperative distributions, government program payments, Commodity Credit Corporation loans, and crop insurance and disaster proceeds — and how to arrive at gross farm income.
It also covers when a cash-method farmer may defer certain proceeds to the following year. Built for preparers new to agricultural clients, it focuses on putting the right amount on the right line.

Overview

  • ATU Course #: 104
  • Field of Study: Taxes (Technical) 
  • Program Level: Basic
  • Prerequisites: None
  • Advance Preparation: None 
  • Delivery Method: QAS Self-Study/On Demand
  • Recommended CPE/CE Credit: 2.0 hours
  • Final Exam: 10 questions - 70% pass threshold
  • Target Audience: CPAs, Enrolled Agents, and tax preparers serving agricultural clients

Learning Objectives

By the end of this course, participants will be able to:
  1. Distinguish raised farm products from purchased resale items.
  2. Determine the correct Schedule F line for farm receipts.
  3. Identify when farm income may be deferred to the next year.
  4. Calculate gross farm income.

Course Lessons

Course Outline

Meet Your Instructor

Penny Wade Smith EA

Penny Wade Smith is the second-generation owner of Wade Farm Financial Services of Mayfield Kentucky. She specializes in farm and entity bookkeeping and income taxes, as well as tax, estate, succession and retirement planning for farmers.

For more information on your instructor, please visit our About section.

Education Information

  • ATU Course ID: ATU-TAX-BAS-SS-2026-011-v1
  • IRS Program Number:  QKKWZ-T-00010-26-S
  • NASBA Program Number: 170295 
  • Field of Study: Taxes (NASBA): Federal Tax Topics/Federal Tax Related Matters (IRS)
  • Delivery Method: QAS Self-Study (NASBA): On-Demand (IRS)
  • Publication Date: July 2026
  • Revision/Review Date: July 2026
  • Course Developer: Penny Wade Smith EA
  • Course Reviewer: Paul G. Neiffer CPA

Participants must complete the Final Exam within one year of purchase.