Solved: I took two large withdrawals from my IRA in 2018, increasing my household income by nearly 50%. Can I average my 2017 and 2018 income?
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I took two large withdrawals from my IRA in 2018, increasing my household income by nearly 50%. Can I average my 2017 and 2018 income?

 
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Level 4

I took two large withdrawals from my IRA in 2018, increasing my household income by nearly 50%. Can I average my 2017 and 2018 income?

No, for ordinary income, there is no income averaging.  Your distribution will be fully taxable in the year in which you made the withdrawals.

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Level 4

I took two large withdrawals from my IRA in 2018, increasing my household income by nearly 50%. Can I average my 2017 and 2018 income?

No, for ordinary income, there is no income averaging.  Your distribution will be fully taxable in the year in which you made the withdrawals.

View solution in original post

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