Show Farmers Must Report Their TheirE E Earnings Leonard M. M Smith District Manager of ot the Grand Junction Office advises that farm tann operators operators operators oper oper- must report if their earnings earnings earn earn- ings are sufficiently high Any farm fann operator who pets nets or more from the operation operation operation opera opera- tion of hl his farm in Ina a taxable year must report his earnings for social security credit This is accomplished by filing along with the regular Income tax return return return re re- turn Form 1040 a Schedule F. F The Schedule F Is used to determine de de- termine the farm n net t Income gross sales income minus all farm expenses and to c compute the necessary social security tax 3 c R The net rule applies to all aU self-employed self people However However However How How- ever there thero we arc special 1 1 r i gWa which apply only to farm farm- ers A farmer fanner can get credit under social security even though his hia actual net earnings are less than i In fact even If It he operates operates operates oper oper- ates his farm at a loss This Is done under a provision of the law called the farm lann option Under Under Un Un- der the option and following the rules shown on the back of the schedule F the farmer can claim as his net two-thirds two of his farm fann gross The privilege of ot exercising the option allows the farmer to get some credit under social security every year yeu year if he grosses at least regardless regard less of the hazards of weather market conditions crop carryover carryover carryover carry carry- over etc It Is important that thata n a farmer use this insurance to guarantee protection for his lov loved Jov- Jov ed ones in the event of his death or life payments to himself and family when reaching age 65 Either the Grand J Junction District Office or any field representative representative rep rep- is always glad to answer questions on this old old- age survivors and disability insurance Insurance In in- program Your Field representative representative rep rep- Ernest R R. Leinberger Leinberg Leinberg- er will be in Moab at the Employment Employment Em Em- Office on February 21 from 10 am a.m. to 12 noon |