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clemens-43
New Member
posted
‎May 31, 2019 9:17 PM
last updated ‎May 31, 2019 9:17 PM

Will the IRS will let my wife (age 65) and me (age 77, still employed) income average over 2-3 years a $100K lump sum retirement withdrawal in 2016?

 
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dmertz
Level 15
‎May 31, 2019 9:17 PM

Will the IRS will let my wife (age 65) and me (age 77, still employed) income average over 2-3 years a $100K lump sum retirement withdrawal in 2016?

No, no income averaging is possible under these circumstances.  The $100k is reportable and taxable on your 2016 tax return.

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dmertz
Level 15
‎May 31, 2019 9:17 PM

Will the IRS will let my wife (age 65) and me (age 77, still employed) income average over 2-3 years a $100K lump sum retirement withdrawal in 2016?

No, no income averaging is possible under these circumstances.  The $100k is reportable and taxable on your 2016 tax return.

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