For farm income taxpayers, deductions for contributions to employee pension, profit-sharing, or annuity plans are reported on Schedule F (Form 1040), Line 23. This line is specifically for deductions related to employee benefit plans that are not incidental to a pension or profit-sharing plan. However, if you are a self-employed individual and made contributions to a plan that includes you as an employee, those contributions should be reported on Schedule 1 (Form 1040), Line 16, not on Schedule F.
Eligible Contributions
- Enter contributions to employee pension, profit-sharing, or annuity plans on Schedule F, Line 23.
- Contributions made by a self-employed person for themselves must be reported on Schedule 1 (Form 1040), Line 16, and are not deductible on Schedule F.
Filing Requirements for Retirement Plans
- If you maintain a pension, profit-sharing, or other funded-deferred compensation plan, you must file the appropriate form (such as Form 5500-EZ, Form 5500-SF, or Form 5500) regardless of whether the plan is qualified under the Internal Revenue Code or whether you claim a deduction for the current tax year.
- Failure to file these forms on time may result in penalties. For more information, refer to the U.S. Department of Labor.
Source:
Schedule F (Form 1040) Instructions - Line 23
Disclaimer: Always verify details with the current Federal or State Department of Revenue Forms and Instructions. For complex tax situations, consult a CPA or tax attorney.