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IOWA GOES ALONG WITH MARCH 10 DUE DATE FOR E-FILING FARMERS WITH FORM 4136

February 26, 2008

The Iowa Department of Revenue issued a press release saying it will accept certain farmer tax returns as timely filed by March 10. Iowa has a similar rule to the federal law that excuses farmers from estimated tax payments if they file by March 1 - a deadline that is automatically moved to March 3 this year because March 1 falls on a Saturday.

The March 10 date is only available to farmers meeting the following conditions:

- They otherwise qualify for the March 1 deadline;

- They e-file their return, and

- Their federal return contains Form 4136, the off-highway fuel tax credit form.

That means farmers who file on paper forms, and farmers who e-file but who don't claime the Form 4136 credit, still must file by March 3.

The Iowa release is reproduced in full below; if you don't see it, click "read more" below.

Related: MARCH 10 DEADLINE FOR E-FILING FARMERS WHO HAVE FORM 4136

February 26, 2008 Iowa Department of Revenue release:

Some Farmers Have Additional Time to eFile Iowa Tax Returns

The Iowa Department of Revenue will grant extra time to farmers who file a 2007 Iowa individual income tax return that includes Form 4136. Technical problems have led the IRS to extend the deadline for those eligible farmer federal returns that are filed electronically from March 3, 2008, until March 10, 2008. The Iowa Department of Revenue will also extend the deadline from March 3, 2008, until March 10, 2008, for electronic returns and also paper returns.

Normally, eligible farmers must file and pay their 2007 Iowa individual income tax by March 1 (March 3rd in 2008 because March 1 is a Saturday) to avoid penalties for failing to make estimated payments. For eligible farmers who attach Form 4136 to their Form 1040, the return will be considered timely filed with all tax paid if the return is e-filed and accepted or postmarked on or before March 10 and all tax due is paid on or before March 10. Returns filed by this date will not be assessed an Iowa penalty for failure to make estimated payments for the 2007 tax year.

This extension will only apply to farm returns that include the Federal Form 4136, Credit for Federal Tax Paid on Fuels. Returns that do not require Federal Form 4136 must be filed by March 3, 2008. This delay does not affect farmers who are not attaching Form 4136.

The late-December enactment prevented timely changes in tax-preparation software and IRS forms. For that reason, people using tax software should check with their provider for updates that include the revised Form 4136.

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