What if You Filed Without Form 7203

We mentioned in last weeks post that farmers who needed to file by March 1 with a Form 7203 requirement now have until April 18, 2022 to file their tax return. If they file by that date, there will be no penalty assessed for not making the January 15, 2022 required farmer estimated tax payment.

However, what about farmers who elected to file by March 1 without filing the Form 7203, even though it was required to be filed? The best option for these farmers is to file a superseding tax return by April 18. You can file multiple tax returns between year-end and the due date of the return. Each of these returns are classified as a superseding return and the final tax return filed is the one that finally makes it into the IRS database. All of the previous returns are “ignored”.

These returns filed are not amended tax returns. There is really no formal guidance on how to file a superseding return, but we suggest writing on the top of the return the words Superseding Return in Red so the IRS will know that this is not the first return filed.

Also, you will normally not be able to file this return electronically which means it may be several months before the IRS processes this return. But the good news that you are only adding the Form 7203 to the return and there are no other changes. I would also suggest adding a short letter to the IRS with the return indicating you are only filing it to attach the Form 7203.

This is just another reason why it will be better to simply pay your required January 15 estimated tax payment in the future.