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Can I income average to reduce tax bill? retired Dec 31, 2018 and took rmd for 2018 and 2019 in 2019. also, was paid lump sum for unused vacation. tax increased alot

if qualify for income averaging, how do i do this using turbo tax?
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2 Replies

Can I income average to reduce tax bill? retired Dec 31, 2018 and took rmd for 2018 and 2019 in 2019. also, was paid lump sum for unused vacation. tax increased alot

Income averaging is not available on a tax return except for certain farmers and fishermen.

TomD8
Level 15

Can I income average to reduce tax bill? retired Dec 31, 2018 and took rmd for 2018 and 2019 in 2019. also, was paid lump sum for unused vacation. tax increased alot

Income averaging ended in 1986, with the only exceptions mentioned by @DoninGA .

**Answers are correct to the best of my ability but do not constitute tax or legal advice.
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