One Time Bonus-Income Averaging

My son received a one time bonus which almost tripled his

2006 income over previous years and what he expects to earn in the next few years. In the old days there was a provision called Income Averaging that allowed a TP to spread a bonus like this over five years. Anything similar in the current tax code that would help in this situation. Thanks in advance.

Carl

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Reply to
runtwoday
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No, except for farmers. Income averaging for all disappeared in 1986.

-- Phil Marti Clarksburg, MD

Reply to
Phil Marti

Nope, unless you're a farmer and this is farming income.

-- Rich Carreiro snipped-for-privacy@animato.arlington.ma.us

Reply to
Rich Carreiro

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