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Is there such as thing as income averaging on tax forms?
Sent to Tax Experts August 26 08:26 PM

Is there such a thing as income averaging on federal taxes?

 

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Temecula, California

Customer (name blocked for privacy)
Status:  Closed   Value: $8
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August 26 8:37 PM (11 minutes and 5 seconds later)
         
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Yes. The income average is available for Farmer.

http://www.irs.gov/businesses/small/industries/article/0,,id=99020,00.html



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Zhicheng Lai -- Enrolled Agent(EA) -- 98% Positive Feedback on 742 Tax Accepts
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August 26 8:42 PM (5 minutes and 3 seconds later)
         
Reply to Zhicheng Lai's Post: Only farmers? We received a large interest from some bonds that were sold and thought we might income average the interest over a few years. Is this not possible for the average retired person?
Customer (name blocked for privacy)
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August 26 8:47 PM (5 minutes and 9 seconds later)
         
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No, there is no income average for other person.

If my answer is satisfactory, please click the green ACCEPT button. Bonuses for excellent service are greatly appreciated
Zhicheng Lai -- Enrolled Agent(EA) -- 98% Positive Feedback on 742 Tax Accepts
5 years tax preparing experience
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