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Income varies year-to-year. can I pay taxes on three year average?

Can I spread income out over three years and then pay average income tax?  Instead of one really high year and then two low years?
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Income varies year-to-year. can I pay taxes on three year average?

No, income averaging is not available for most all occupations except certain farmers and fisherman.  Any taxes owed are due and payable by mid-April of each tax year.

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4 Replies

Income varies year-to-year. can I pay taxes on three year average?

No, income averaging is not available for most all occupations except certain farmers and fisherman.  Any taxes owed are due and payable by mid-April of each tax year.

lejlkj
New Member

Income varies year-to-year. can I pay taxes on three year average?

what form do i use to average my income over three years

Income varies year-to-year. can I pay taxes on three year average?

@lejlkj There is no such form because income averaging has gone the way of the dinosaurs.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
AnnetteB6
Expert Alumni

Income varies year-to-year. can I pay taxes on three year average?

For the general taxpayer, income averaging is not an option.  

 

If you are a qualified farmer or fisherman, take a look at the following TurboTax article for more details.

 

What Is Schedule J: Income Averaging for Farmers and Fishermen

 

@lejlkj

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