Where can I find how to do income averaging?

[50charles07]

I gave $134,000 to my son to buy a house -- that money, and the taxes came from an IRA (sic: taxable income). Our usual yearly income is about $68,000.

[jerry2000 · Accepted solution]

For ordinary income, there is no income averaging. That was removed from the tax code years ago. Your distribution will be fully taxable and there is no way around that.

[chapmanr9]

I have been retired for many years and was called in as a contractor for a major turnaround. This increased my normal years income by 40%.  Is there any way to average some years.

[DoninGA]

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@chapmanr9 wrote:

I have been retired for many years and was called in as a contractor for a major turnaround. This increased my normal years income by 40%.  Is there any way to average some years.

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Income averaging was removed from the tax code for ordinary income decades ago.  Except for certain farmers and fishermen.

[VolvoGirl]

Sorry not anymore.  As the answer above said Income averaging stopped many years ago.