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Schedule J Release Date

dannen merrill
Level 1

Looks like the Schedule J for Farm Income Averaging won't be final until 3/4/21. That is after the due date for farm returns on 3/1 to avoid underpayment penalties. Has anyone seen why it is delayed or what the changes will be? How are you handling the filing and payment by 3/1?

Thanks!

Dannen

Labels (1)
4 Replies 4
Royal
Level 2

We are totally frustrated by the delay in  form release.  

Drake and Ultra tax allow filing of these forms now.

cnipe
Level 2

I spoke with customer support today regarding this problem.  Was on the phone for over an hour and no resolution.  Told me I would probably need to download another program to E-file or paper file (which includes filling in the already issued IRS forms that my tax program can not get updated).  So frustrating!

FarmerCPA
Level 3

This is ridiculous.  I can understand a form not being final if it's new or had major changes, but the Schedule J?  We operate on the Eastern Shore of Maryland and have roughly 100 agricultural clients, most of which utilize the J.  Paper filing is not a viable option this year, in my opinion.  My faith in the postal service is waning.

0 Cheers
cfish
Level 2

I had the same experience calling support. Basically said need to paper file, issue is with IRS giving ProSeries go ahead. Doesn't explain how other companies can e-file these forms. Since the form is watermarked "Do not File", do we need to manually fill out the Schedule J & insert? I want a better workaround for my $5K in software expense...