​​​​​​Farmers and fishers will not be subject to interest on underpayment of estimated tax if they file their 2018 Wisconsin individual income tax return and pay the tax due by April 15, 2019. Normally, farmers and fishers who choose not to make quarterly estimated tax payments are not subject to interest on underpayment of estimated tax if they file their Wisconsin income tax returns and pay the full amount of tax due by March 1. The Internal Revenue Service (IRS) is providing similar relief in Notice 2019-17.

A taxpayer qualifies as a farmer or fisher for tax-year 2018 if at least two-thirds of the taxpayer's gross income was from farming or fishing in either 2017 or 2018. For a married couple filing a joint return, gross income is the joint total gross income of both spouses.

Farmers and fishers who file their Wisconsin income tax returns and pay the amount of tax due by April 15, 2019, can request this waiver of underpayment interest by entering Exception Code 4 in the bracketed space on line 56 of 2018 Form 1 (line 80 of 2018 Form 1NPR). The farmers and fishers do not have to attach Schedule U, Underpayment of Estimated Tax by Individuals and Fiduciaries, to their Wisconsin income tax returns.

February 28, 2019