​​​​Wisconsin farmers and fishers will not be subject to interest on underpayment of estimated tax if they file and pay the tax due by April 15, 2013. Normally, farmers and fishers who choose not to make quarterly estimated tax payments are not subject to interest on underpayment of estimated tax if they file their Wisconsin income tax returns and pay the full amount of tax due by March 1. For 2012 returns only, the March 1, 2013, date is extended to April 15, 2013.

A taxpayer qualifies as a farmer or fisher for tax-year 2012 if at least two-thirds of the taxpayer's gross income was from farming or fishing in either 2011 or 2012. For a married couple filing a joint return, gross income is the joint total gross income of both spouses.

The extension is due to the January enactment of the federal American Taxpayer Relief Act (ATRA), which has caused a delay in the release of several tax forms that are often filed by farmers and fishers, including Form 4562, Depreciation and Amortization. The Internal Revenue Service (IRS) is providing similar relief.

Farmers and fishers who file their Wisconsin income tax returns and pay the amount of tax due by April 15, 2013, can request this waiver of underpayment interest by entering exception code 4 in the bracketed space on line 55 of Form 1 (line 83 of Form 1NPR). The farmers and fishers do not have to attach Schedule U, Underpayment of Estimated Tax by Individuals and Fiduciaries, to their Wisconsin income tax returns.

January 24, 2013