income averaging

Vote for income averaging
0
383 Views
Maria Arias

Please ask your question here: aside from farming income, what other self-employment business income can use income averaging
 


 


Novice Level Question
Comments
Please login or register to comment on a question.

1 Answer(s)

Vote for this anser to income averaging
1
Phillip Schein, EA

Income averaging is allowed for farmers and commerical fisherman (Pub 225).  Other forms of averaging related to self-employment were repealed in 1986.  Refer to Tax Topic 412 - Lump Sum Distributions (2011) for a related discussion concerning one-time distributions from a qualified retirement plan.


Comments

Report the question for review or moderation

IRS Circular 230 Disclosure

Pursuant to the requirements of the Internal Revenue Service Circular 230, we inform you that, to the extent any advice relating to a Federal tax issue is contained in this communication, including in any attachments, it was not written or intended to be used, and cannot be used, for the purpose of (a) avoiding any tax related penalties that may be imposed on you or any other person under the Internal Revenue Code, or (b) promoting, marketing or recommending to another person any transaction or matter addressed in this communication.

Enrolled Agent Affliated Schools