Supplement Farm Business Form – Fill Out and Use This PDF

Complete a supplement for each business or farm.

When completing this supplement, refer to both your 2014 and 2015 IRS tax returns — specifically, Form 1040, Schedules C, D, and F, as applicable. If an incorporated business is involved, refer to Form 1120 as well. If a partnership is involved, also refer to Form 1065 and/or Schedule K1. For any year for which tax forms have not been completed, estimate as accurately as possible.

The financial aid administrator may later ask you to provide copies of your tax returns, including your corporate and partnership tax return(s).

If you are the owner or part owner of a partnership or a corporation: (1) Enter your percentage of ownership (question 6); (2) enter total income, expense deductions and profit for the entire business entity (questions 11–15); and (3) enter your share of net profit (question 16).

IMPORTANT: If a business is a major source of family support but no salaries are reported and business net profit is under $10,000, explain on an attached sheet how basic family expenses are met.

Don’t submit balance sheets, profit and loss statements, cash flow statements, or tax returns in place of the Business/Farm Supplement, unless specifically request- ed by your college.

If your home is part of the business or farm, enter its value and the amount of its mortgage on the CSS/Financial Aid PROFILE® Application. Don’t include your home value on the Business/Farm Supplement.

If farm income is reported on an accrual basis, the required information can be found on IRS Form 1040, Schedule F, Part III. In this case, disregard questions 11a–11c below and begin your entries with Gross Income in question 12.

If you have gains or losses from the sale or exchange of livestock and/or farm machinery, report the full amount of such gains or losses in question 16 below. Don’t include in this question gains or losses arising from the sale or exchange of other property, as reported on your IRS Form 1040, Schedule D.

If a financial question does not apply to you, write 0. Do not leave questions blank unless the instructions tell you to do so.

Parent’s Business/Farm Information

1. Name of Business/Farm

3. Location of Business/Farm

Street Address

City/Township

County

State

Zip Code

5.Give Name(s) of Owners and Partners, Their Relationship to the Parent(s), and Their Percentage of Ownership

Name

%

Relationship

Percentage

Name

%

Relationship

Percentage

2.Date Business Commenced or Farm Purchased

Day

Month

Year

4. Type of Business/Farm

oSole proprietor

oPartnership

oCorporation

Indicate type

6. Your Percentage of Ownership

7. Number Employees

%

8. Describe Principal Product or Service

9. Residence and Mortgage Information

Monthly mortgage payment on the business or farm	$
Farm owners
Do you live on the farm?	o Yes
10. Total Acres Owned (Farm Owners Only)

		.00	Business owners
			Is the business a part of your home?	o Yes				o No
o No			If yes, what percentage of home is claimed for business use?	%

Tillable land

$

.00

Nontillable land	$

.00

Woodlands and waste	$

.00

Agricultural reserve

$

.00

TOTAL

$

.00

11.Business Income

a.Gross receipts of sales less returns and allowances

b.Cost of goods sold and/or operations (Don’t include salaries paid to yourself, your dependents or others, or any item listed below.)

c.Gross profit (Line 11a minus 11b)

d.Other business income

12.Total Income (Add 11c and 11d)

13.Business Deductions (Don’t include any amount entered in 11b above.)

a.Depreciation

b.Interest expense

c.Rent on business property

d.Parents’ W-2 wages from this business

e.Salaries and wages paid to family members other than yourself employed in the business

Name and Relationship

2014

(Jan. 1–Dec. 31)

$

$

$

$

$

$

$

$

$

$

$

$

.00	$
.00	$
.00	$
.00	$
.00	$
.00	$
.00	$
.00	$
.00	$
.00	$
	Salary
.00	$
.00	$

2015

(Jan. 1–Dec. 31)

.00

.00

.00

.00

.00

.00

.00

.00

.00

.00

.00

.00

Estimated 2016

(Jan. 1–Dec. 31)

	f. All other salaries and wages	$
	g. Other business expenses (Itemize on a	$
	separate sheet any single item over $1,000.)
14.	Total Deductions (Add 13a–13g)	$
15.	Net Proit (or Loss) (Line 12 minus line 14)	$
16.	Your Share of Line 15 (Multiply line 15	$
	by your percentage of ownership, question 6.)

									.00	$
									.00	$
										$
									.00
										$
									.00
										$
									.00

.00

.00

.00

.00 $

.00 $

Estimated 2016

.00

.00

17.Farm Income

a.Profit (or loss) on sales of livestock and other items purchased for resale (from Form 1040, Schedule F, line 1e)

b.Sales of livestock and produce raised (from Schedule F, lines 2a and 2b)

c.Other farm income (from Schedule F, lines 3b, 4b, 5a, 5c, 6b, 6d, 7a, 7b, 8a, 8b)

18.Gross Income (Add 11a–11c) (from Schedule F, line 9)

$

$

$

$

2014

(Jan. 1–Dec. 31)

									.00	$
										$
									.00
										$
									.00
										$
									.00

2015	Estimated 2016
(Jan. 1–Dec. 31)	(Jan. 1–Dec. 31)

.00

.00

.00

.00

19.Farm Expenses

a.Farm deductions less depreciation (from Schedule F, lines 10–13 and lines 15–32)

b.Depreciation (from Schedule F, line 14)

20.Total Expenses (Add 13a and 13b) (from Schedule F, line 33)

21.Net Farm Proit (or Loss) (Line 12 minus line 14)

(from Schedule F, line 34)

22.Farm-Related Capital Gains (or Losses) from sale or exchange of livestock and farm machinery (from Form 1040, Schedule D)

23.Net Proit (or Loss) (Add lines 15 and 16)

24.Your Share of Line 17 (Multiply line 17 by your percentage of ownership, question 6.)

$

$

$

$

$

$

$

									.00	$
									.00	$
										$
									.00
										$
									.00
										$
									.00
										$
									.00
									.00	$

.00
.00
.00
.00
.00
.00	$
.00	$

Estimated 2016

.00

.00

d. Total other assets (Add 3a–3c)

$

$

$

Business/Farm Liabilities

5.Liabilities

a.Accounts payable

b.Other current debts

c.Total current debts (Add 5a and 5b)

6.Long-Term Liabilities

(Don’t include any amount listed above.)

a.Mortgages on land and buildings (Don’t include home mortgages.)

b.Debts secured by equipment

c.Loans from partner(s) or shareholder(s) Itemize by shareholder:

Name Name Name

Name

d.Other debts

e.Total long-term debts (Add 6a-6d)

7.Total Liabilities (Add 5c and 6e)

8.Your Share of Total Liabilities

(Multiply line 7 by your percentage of ownership.)

Beginning of Tax Year 2015												End of Tax Year 2015
$										.00	$										.00
$											$										.00
										.00
$											$										.00
										.00

$										.00	$										.00
$											$
										.00											.00
$											$
										.00											.00
$										.00	$										.00
$											$
										.00											.00
$											$
										.00											.00
$											$
										.00											.00
$										.00	$										.00
$											$
										.00											.00
$											$
										.00											.00
$											$
										.00											.00