Sch J for farm income avg. is giving me a tax that I know is incorrect. Return has decrease of 13000.00 in tax on an 18000 farm profit Anyone else having suspicious?

Forum|Forum|2 years ago
March 23, 2024
1 reply
12 views

This cannot be figuring correctly.

ProSeries Professional

This topic has been closed for replies.

Best answer by taxiowa

Yeah, there is not a way for that to happen. They only save on income tax and there is no 72% income tax bracket. So even if previous years were all $0, they could not save that much. And it does not change this years return so no new added EIC or CTC or reduction in PTC repayment can occur. But as far as manually calculation Susan, I don't think anyone would even attempt that. Had to be some kind of user error.

sjrcpa

Level 15

Go over the form yourself and recalculate it manually.

The more I know the more I don’t know.

taxiowaAnswer

Level 8

Yeah, there is not a way for that to happen. They only save on income tax and there is no 72% income tax bracket. So even if previous years were all $0, they could not save that much. And it does not change this years return so no new added EIC or CTC or reduction in PTC repayment can occur. But as far as manually calculation Susan, I don't think anyone would even attempt that. Had to be some kind of user error.

M

MC13Author

Level 2

Thank you for your thoughts. After triple checking, I did find an input error. I appreciate your help. M.

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