Hi there, this is Victoria. In this lesson, I'm going to show you a problem that exists quite frequently. It's the balancing of schedule J with the means test for a Chapter 13 plan. Most people will give the client a form to fill out and ask them to provide figures for expenses such as electricity, fuel, water, sewer, telephone cost, home maintenance, food, clothing, and so forth. However, they often list these figures without any guidance from the client. In this video, I'm going to show you how to educate your client so that these figures can be correct. What happens if these figures are not correct? One of the main problems it can cause is the plan being rejected by the court, which means the debtor may not be able to stay in the plan. To avoid this, the first thing we need to do is cross-reference the figures provided by the client with the IRS guidelines. Here are three things to keep in mind when doing schedule J: 1. Schedule J should always allow for a budget lasting the length of the Chapter 13 plan, which is normally 3 to 5 years. In other words, you don't want to calculate the figures for just this month. These figures can fluctuate depending on the season, time of the month, or any other time during the year. 2. You should never match the maximum IRS allowance. The IRS guidelines should only be used as a guideline to spot possible errors. Avoid simply inputting the maximum allowances for all schedule J filings. Each petition is unique and should be accurately reflected. 3. Schedule J should assist in documenting allowances that exceed the IRS guidelines. This way, receipts can be obtained for verification purposes. To get the IRS guidelines for your area and clients, you can visit...
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Schedule j Form: What You Should Know
Schedule J: Income Averaging for Farmers ā Turbot Ax The U. S. IRS requires that you use one form, Schedule J, to elect to averagedĀ your income. As the first form in the IRS's āIncome averaging for farmersā program, Schedule J is used to elect to averageĀ your income across the years 2024 and 2024 before electing to use Individual Returns. That is, you must use Schedule JĀ (Form 1040) to estimate your tax for 2013, 2024 and 2024 before you figure it out using IRS Form 1040 for 2024 and beyond. Do not report income on Schedule J before it is reported on Form 1040. Schedule J: Income Averaging for Farmers ā Turbot Ax How does Schedule J: Income Averaging Tax for Farmers work? You must report all your income to Schedule J: Income Averaging Tax for Farmers for each of the following 5 tax years: 2 2 Your 2024 income will be averaged on Schedule J, using eachĀ year's tax rates. Your 2024 average will be the result of your 2024 and 2024 income averaged on Schedule J. TheĀ 2017 total will be adjusted if your 2024 income is less than 2013. The amounts that you report on Schedule J for each of theĀ 5 tax years will include your earnings from income from farming, fishing, and rental property. The earnings reported onĀ Schedule J, and the amount that is deducted from your income on Schedule A, will be multiplied by theĀ tax rate to get your income tax. You'll see that the amount you enter on this schedule, and theĀ amount that is taxable, is dependent on whether you itemize. How to Use Schedule J: Income Averaging Tax for Farmers How to Use Schedule J: Income Averaging Tax for Farmers For 2013: Schedule J is used to elect to average your total 2024 income for theĀ tax years 2024 and 2014. If you've elected to file a joint return, it is used to determine your 2024 income. For 2014: Enter the taxable income from your 2014. Schedule J, line 12. For 2024 and beyond: Schedule J is used to elect to average your total income for 2024 andĀ future tax years.
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Video instructions and help with filling out and completing Schedule j form
