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can you still do "income averaging" wher your tax for a current year is based on your average income for the past 5 years? If so, how is this accomplished?

Submitted: 32 days and 12 hours ago.

Category: Tax

Value: $15

Status: CLOSED

Level/Year: 2008
Subject: income averaging

Already Tried:
turbo tax

Accepted Answer

Income averaging is available only to those in the farming or fishing business and for some retirement plan distributions.
For all other situations income averaging is not longer permitted.

Let me know if you need any help.

Accepts:
Expert:	LEV
Pos. Feedback:	99.3 %
Answered:	10/21/2009

Tax Preparer

Taxes, Immigration, Labor Relations

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Question

can you still do "income averaging" wher your tax for a current year is based on your average income for the past 5 years? If so, how is this accomplished?

Optional Information

Level/Year: 2008
Subject: income averaging

Already Tried:
turbo tax

Accepted Answer

Income averaging is available only to those in the farming or fishing business and for some retirement plan distributions.
For all other situations income averaging is not longer permitted.

Let me know if you need any help.

Tax

Have your own Tax question?

Related Tax Topics:

Question

can you still do "income averaging" wher your tax for a current year is based on your average income for the past 5 years? If so, how is this accomplished?

Optional Information

Level/Year: 2008Subject: income averaging Already Tried: turbo tax

Accepted Answer

Income averaging is available only to those in the farming or fishing business and for some retirement plan distributions.For all other situations income averaging is not longer permitted. Let me know if you need any help.

Related Tax Questions

Level/Year: 2008
Subject: income averaging

Already Tried:
turbo tax

Income averaging is available only to those in the farming or fishing business and for some retirement plan distributions.
For all other situations income averaging is not longer permitted.

Let me know if you need any help.