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- Why does sch J show very little savings?
Why does sch J show very little savings?
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jdsoh
Level 1
02-15-2022
09:07 AM
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Taxpayer filed separate from spouse for the last three years and had tax rate of 22% to 24%. This year will file joint with spouse with a tax rate of 32%. The increase is all on the taxpayer's farm profit. I can't seem to come to grips with the schedule J not showing a larger savings due to the fact that the 2021 rate is 8 to 10% higher than the average of past three years. When I calculated the returns separately the savings was around $12,000. Unfortunately they would loose filing separate due to Ohio tax being much higher. Has anyone had a similar situation in the past?
