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Farm Income Averaging

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    #1

    Farm Income Averaging

    Having read the relevant pages in Pub 225 and TTB I feel that I do not really understand Farm Income Averaging. Can anyone point me to more reading material?
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    #2
    Bump

    Lets see if Monday brings any answers.

    Comment

      #3
      Lots of luck on this one.

      The instructions for Schedule J are in another language. I have not been able to use this form for any of my "Farmers". I have tried, but get completely confused.
      Jiggers, EA

      Comment

        #4
        Sch J is not averaging in the commonly understood sense. You are filling up lower rate tax bracketts in the previous years. The key is to enter the previous years' figures on the proper lines, then select the optimum elected income fro the current year. This usually requires a lot of trial and error unless your software is programmed to do it for you. (LaCerte does this I believe.) It is not one of the easier forms to get your brain around.

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          #5
          Many Thanks

          I have my sling and my three smooth stones ready and Goliath is history.

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