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Question

I became layoffed in August this year, and not yet re-imploy. with severance payments and others. can these be averaged out and spread into multi-years for tax.

Submitted: 379 days and 20 hours ago.
Category: Tax
Value: $15
Status: CLOSED

Accepted Answer

Greetings,

 

Sorry to say there is only income averaging for farmers and fishermen. See Farmer and Fisherman Income Averaging

 

The income that you get other than from for farmers and fishermen can not be averaged out and must be reported in the year that the income is received.

 

I hope this helps even though it is probably not the answer you wanted to hear.

 

Best wishes.

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Expert: John Gordos EA
Pos. Feedback: 99.8 %
Accepts: 
Answered: 11/8/2008

Enrolled Agent

I have prepared individual, trust, partnership, and corporate taxes since 1987.

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