2007-02-28 06:05:01 · 4 answers · asked by Bert B 1 in Business & Finance ➔ Taxes ➔ United States
Except for farmers and fisherman, income averaging went away in 1986.
2007-02-28 06:16:28 · answer #1 · answered by Wayne Z 7 · 0⤊ 0⤋
In reference to what?
2007-02-28 14:08:03 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
There is still a 10-year tax calculation available for lump-sum pension distributions - see page 73 of IRS Publication 17. But for most types of income, this has been gone for decades.
2007-02-28 15:05:54 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
10 year averaging is only OK if you receive a lump sum (complete distribution) from an employer retirement plan and where born before January 2, 1936. (Over 71 years old.)
There are other restrictions and you will need to go over the first 5 question on Form 4972 to see if you qualify. Needless to say, it is very difficult to qualify.
2007-02-28 14:33:04 · answer #4 · answered by jks_mi 3 · 1⤊ 0⤋