topic Re: Should I use the non-farm optional method? in Get your taxes done using TurboTax

Should I use the non-farm optional method?

avgagliardi7 — Mon, 03 Jun 2019 23:44:47 GMT

Using one of the optional methods to figure your net ear...

JohnW15 — Mon, 03 Jun 2019 23:44:49 GMT

Using one of the optional methods to figure your net earnings from self-employment is really a tax-strategy decision, and only you can know which method fits your particular situation.

That said, if you'll read "Methods for Figuring Net Earnings" starting on page 77 of Publication 225, Farmer's Tax Guide, you'll be able to see which method is best for you. The chart in Figure 12-1, "Can I Use the Optional Methods?" is particularly helpful.

Re: Using one of the optional methods to figure your net ear...

jherrin406 — Wed, 16 Oct 2019 13:44:29 GMT

How can I get out of the optional Method. No back button and my self employment tax tripled. Ouch. Up all night trying to finish 2018 taxes and now this? Can anyone help??

Re: Should I use the non-farm optional method?

jherrin406 — Wed, 16 Oct 2019 14:02:06 GMT

I already know I don't want to use the optional method -- tripled the taxes. Ouch. You did not read what I wrote.

I'm asking how do I reset the accounting software TurboTax 2018 Home Business addition to not force me into the much higher income averaging Optional Method?? There is no back option or reset option once you click on it. I just wanted to see if it would lower my tax bill, but now I'm stuck with too high a self employment tax!!!!

Re: Should I use the non-farm optional method?

lulu11 — Sat, 21 Mar 2020 03:24:16 GMT

On the far left side of Turbo Tax below the red check mark...click on the State, Federal, etc. and it will take you back to the beginning. You may then "revisit" under which area you are concerned with.