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J
jkelsey
Level 3
December 22, 2021

income averaging farm income from a partnership

  • December 22, 2021
  • 1 reply
  • 15 views

I have partners of a partnership that had a large increase in net revenue from schedule F this year. I'm not aware of anyway to average the income from a K-1 when it gets to the personal return. Does anyone have any advice on this?

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    1 reply

    T
    Terry53029Intuit Community Champion
    Intuit Community Champion
    December 23, 2021

    Use schedule J on personal 1040

      J
      jkelseyAuthor
      Level 3
      December 23, 2021

      I've used the form before, just never to average income from a schedule K-1 but you've prompted me to review further. I jumped the gun asking but thank you for answering.

        T
        Terry53029Intuit Community Champion
        Intuit Community Champion
        December 23, 2021

        Income average can be used by flow through entities and individuals involved in farming and fishing. Here is link: https://www.irs.gov/instructions/i1040sj

        Also: https://www.law.cornell.edu/cfr/text/26/1.1301-1

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