Part V Summary

Line 42 Special estimated tax rules may apply if you have gross farming or fishing income. You will not be charged a penalty for underpayment of estimated tax if:

1. Your gross farming or fishing income for 2024 or 2025 is at least two-thirds of your gross income; and

2. You file your 2025 tax return and pay the tax due by March 2, 2026.

For details, see chapter 15 of Pub. 225.

Paperwork Reduction Act Notice. We ask for you to obtain the information on this form to carry out the Internal Revenue laws of the United States. You are required to obtain this information.

You are not required to obtain the information requested on a form that is subject to the Paperwork Reduction Act unless the form displays a valid OMB control number. Books or records relating to a form, or its instructions must be retained as long as their contents may become material in the administration of any Internal Revenue law. Generally, tax returns and return information are confidential, as required by Internal Revenue Code section 6103.

The time needed to complete and file this form will vary depending on individual circumstances. The estimated burden for individual filers is approved under OMB control number 1545-0074. The estimated burden for estate and trust filers is approved under OMB control number 1545-0092. For the estimated averages, see the instructions for your income tax return.

If you have comments concerning the accuracy of these time estimates or suggestions for making this form simpler, we would be happy to hear from you. See the instructions for the tax return with which this form is filed.

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