2021 Schedule J base year carry forward worksheet shows the wrong 2020 taxable income.

[PMB1]

Has anyone else noticed that the 2021 Schedule J base year worksheet is showing the wrong amount of 2020 taxable income on line 4 of the schedule?. It appears to have deducted the 2020 QBI amount for a second time when populating the 2020 line 4 amount. Unfortunately, I found this after 10+ returns that use this schedule had been prepared and E filed. Please beware if you use this schedule (farmers). Thanks Intuit, for once again screwing up your software, and making us find your errors the hard way!

[Lukepccpa]

Just found this today.  Luckily it was my first return with a Schedule J.

Something is up and going very wrong at Intuit.  The number of delayed forms and software errors is staggering compared to previous years.

[The_AntiTax_Man]

@IntuitCharlene    Programming error alert in:  PS21 Schedule J Income Averaging for Farmers and Fisherman Base Year Information Worksheet [Sch J BYIW]. 

On the 2021 Sch J BYIW, in the 2020 year column, line 4 2020 Form 1040, line 15 Taxable income, the amount that is populating automatically from PS20 is incorrect. 

The 2020 Form 1040, line 15 amount should be transferring directly to the 2021 Sch J 2020 column, line 4 without any modification in the amount.

@IntuitCharlene   Please acknowledge receipt of this post by posting a Reply.  I know you are busy as are we all.  Thank you. 

[The_AntiTax_Man]

@PMB1  @Lukepccpa   This same problem occurred on the Sch J worksheet two years back, the previous year taxable income amount that automatically populated to the Sch J worksheet was incorrect.  I had to manually override it on every return.  The PS programmers did eventually fix it in one of the PS updates but it took some time.

Last year it populated correctly. 

This year its populating incorrectly again.

Thank you for posting here.  

[taxiowa]

Nice catch.  For some reason mine never auto populate the last 3 years data so I have to go back and enter the info from the paper copy in file.  So I guess I am lucky.  Does yours auto populate the previous years return information?

[The_AntiTax_Man]

@taxiowa  I pull up the Sch J every year for every farm client even if it will not be used, then the info on Sch J does carry forward to each succeeding year.  If you do not open the Sch J in the current year in will not carry forward.

[taxiowa]

I use it every year also, but it still does not  carryforward.  I always keep 3 years paper returns in all files so it is easy to look up.

[The_AntiTax_Man]

You mean none of the Schedule J Base Year Information Worksheet info auto populates from the prior year tax return even if you filed the Sch J for the previous year?

My practice is primarily farm returns, so I am receiving final books and am busy filing 1099s, W2s & 943s, and 4th Quarter 1040ES for all of the farms during January.  I routinely download PS for the first time during the first week of February to avoid all of the initial updates.  And then I roll over clients to the current year as I need them.  Are you downloading an earlier version of PS and rolling over client data using an earlier version of PS than I? 

I cannot answer why this does not work the same for you.

[IntuitGabi]

@The_AntiTax_Man I'll take a look at this. 

[The_AntiTax_Man]

Thank you GabiU

[PMB1]

Hey Charlene,

Maybe you should also fix the taxable income for 2019 and 2018 on the Schedule J worksheet. 2020 taxable income deducted the QBI twice. 2018 and 2019 taxable income DID NOT deduct the QBI in arriving at taxable income on the worksheet. This has never been an issue in the past. We shouldn't have to debug your software!

[IntuitGabi]

A fix for this will be be included in the next update that will be ready later on this week. 

[taxiowa]

Wow thats great news.  Except all of the clients that need or are eligible to use Schedule J have to have their taxes done by Tuesday.  I am sure they will be excited to hear that the Dutch boy stuck his finger in the dam two days after the leak.