Short version: I want to force TurboTax to use Schedule J to figure my tax even though it's slightly higher than figuring it from the tax table.
I'm a farmer. I have not used income averaging in the past, but it's come to my attention that I can save a substantial amount of tax by using it in tax year 2022.
Additionally, it appears to me that I can further reduce my tax bill by amending my 2020 and 2021 returns to also use income averaging. I want to be pretty aggressive in pushing my farm income back and saving room in the 12% tax bracket for years '20, '21, and '22.
I have Schedule J filled out in TurboTax 2020 and TurboTax 2021 (using Deluxe for all years). It (correctly) shows that my election of all of my farm income to be averaged will cost me a few hundred dollars in 2020 and in 2021. However, I believe it's going to save me about $1,000 overall looking at the three returns as a whole.
But I can't figure out how to get TurboTax to use Schedule J to figure the tax and let me pay the additional tax for the previous years.
Help?
Here's how to use Schedule J:
That does get me to the dialog-based way to fill out Schedule J (I was doing it in Forms).
But after I get the info put in, it still doesn't give me the option to use income averaging (Schedule J) even though it's going to cost me a few dollars this year.
Anybody know if this is possible?
Thanks.