5703-7-04 Option to filing of declaration of estimated income tax returns by farmers and fishermen.

(A) A farmer or fisherman whose total estimated gross income is at least two-thirds from farming or fishing, as those terms are defined and determined under Sections (b)(2) and (b)(3) of the Federal Income Tax Regulations, 26 CFR 1.6073-1, may, in lieu of filing the individual declaration of estimated tax as provided by section 5747.09 of the Revised Code, file Ohio personal income tax returns as provided in paragraph (C) of this rule.

(B) A farmer or fisherman shall use the same option or method for filing Ohio personal income tax returns as the farmer or fisherman uses for filing federal income tax returns.

(C) A farmer or fisherman meeting the requirements of paragraphs (A) and (B) of this rule may;

(1) File declaration of estimated tax returns as provided by section 5747.09 of the Revised Code;

or

(2) File only the annual individual income tax return for a taxable year, making payment in full of the tax reflected thereon, on or before the first day of March of the subsequent year, or, in the case of a fiscal year taxpayer, on or before the first day of the third month following the close of the taxpayer's taxable year;

or

(3)

(a) File a declaration of estimated tax, making payment in full of the tax reflected thereon, on or before January fiftenth of the year following the taxable year, or, in the case of a fiscal year taxpayer, on or before the fifteenth day of the first month following the close of the taxpayer's taxable year;

and

(b) File the annual individual income tax return on or before the fifteenth day of April of the year following the taxable year, or, in the case of a fiscal year taxpayer, on or before the fifteenth day of the fourth month following the close of the taxpayer's taxable year.

Effective: 10/9/2015
Five Year Review (FYR) Dates: 07/20/2015 and 10/09/2020
Promulgated Under: 5703.14
Statutory Authority: 5703.14
Rule Amplifies: 5747.08, 5747.09
Prior Effective Dates: 4/3/1972