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Averaging Can Save Tax Money
Tax tip explains income averaging for 1972 filings. It details base-year four-year averaging, how to compute 120 percent of the average income, and when a higher 1972 income qualifies for tax savings. It notes you must file a separate Schedule and use corrected IRS figures if prior returns were amended, with a chart of thresholds for married filing jointly.
MENTIONED IN THIS ARTICLE
Sylvia Porter
Internal Revenue Service
Research Institute of America