Lost my income in august 2016 and dont expect much for the next tax year. Can I average the income between 2016 and 2017 to reduces my libility for 2016?
Can I report part of my 2016 income in 2017 as my 2017 income is expected to be very low.
Is there a provision for income averaging over multiple years.
01345
1 Best answer
RichardG
New Member
May 31, 2019 9:43:28 PM
Income averaging is no longer used for tax reporting. Each tax return must report only your income for the calendar year.
1 Replies
RichardG
New Member
May 31, 2019 9:43:28 PM
Income averaging is no longer used for tax reporting. Each tax return must report only your income for the calendar year.