income averaging

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Maria Arias

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


 


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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  Other forms of averaging related to self-employment were repealed in 1986.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.


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