How to Use Schedule J
- Open the Schedule J.
- QuickZoom to the Base Year Information Worksheet.
- Enter the base year data for each of the 3 prior tax years. Fill out all applicable lines.
- Go back to the Schedule J.
- In the 2021Elected Farm Income Smart Worksheet review the amounts in Total Farm Income (2) and Qualifying Farm Income (3).
- Either check the box on line A to have the program compute a recommended amount of elected farm income, or enter your Elected Farm Income in column (4).
If you used the ProSeries in the prior tax year, the Base Year Information Worksheet will be completed for you. Review the worksheet information for completeness. If you did not use the program in prior years, you will need copies of your income tax returns for the prior 3 tax years in order to enter the required information.
For additional information, please refer to the Schedule J Tax Help which can be accessed by pressing the F1 key, or from the Help menu by selecting Help Center.