Filing Date Extended for Farmers and Fishers

The federal Internal Revenue Service (IRS) is providing an extension because a number of taxpayers have been informed that they will be receiving corrected Forms 1095-A from the Health Insurance Marketplace. The IRS is providing this relief because the ability of many farmers and fishers to file and pay their taxes completely and accurately by the March 2 deadline is based on receiving a corrected Form 1095-A.

For 2014 returns only, Wisconsin farmers and fishers who miss the March 2, 2015 tax deadline because they are receiving corrected premium tax credit forms (Form 1095-A) from the Health Insurance Marketplace will not be subject to interest on underpayment of estimated tax if they file and pay any tax due by April 15, 2015. 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 (March 2 for tax year 2014).

A taxpayer qualifies as a farmer or fisher for tax-year 2014 if at least two-thirds of the taxpayer's gross income was from farming or fishing in either 2013 or 2014. For a married couple filing a joint return, gross income is the joint total gross income of both spouses.

Farmers and fishers affected by the Forms 1095-A delay who file their Wisconsin income tax returns and pay the amount of tax due by April 15, 2015, can request this waiver of underpayment interest by entering exception code 4 in the bracketed space on line 53 of Form 1 (line 81 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.

March 2, 2015