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From: guy@sdcc12.UUCP (Guy A. Lewis)
Newsgroups: net.taxes
Subject: Re: New Income Averaging form question
Message-ID: <178@sdcc12.UUCP>
Date: Mon, 18-Feb-85 23:30:01 EST
Article-I.D.: sdcc12.178
Posted: Mon Feb 18 23:30:01 1985
Date-Received: Tue, 26-Feb-85 03:46:27 EST
References: <280@panda.UUCP>
Distribution: net
Organization: UCSD Academic Computer Center
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> I've just calculated my taxes for this year and I find for the first time
> in all my years of income taxes (< 10 yrs), that we may actually have to 
> PAY in some additional money to good old IRS.
> 
> My question concerns directly the new income averaging form.  This year,
> it's using the past three years instead of the past four years, plus, the
> numbers to multiply/divide the total past years has changed also and is
> figured differently.  Last year (and for at least 3 years before that), it
> was calculated by multiplying the total past 4 years by .3 (30%).  This
> year, you divide by 3, then multiply by 1.4, which is the equivalent of
> multiplying the total past 3 years by .47 (47%).
> 
> If I figure my "total average" using the old way, I eventually get a
> difference of $12000 of averagable income.  Figuring it the new way I 
> eventually get a difference of $24 of averagable income (remember, it has
> to be greater than $3000 to use the form).
> 
> Am I doing something wrong, or is the government just trying to make us
> stop using this form?  Have others had this problem as well?
> 
> I'd appreciate any info on the new Income Averaging forms.
> 
> 	thank you.
> 
> 				Diana L. Syriac
> 				decvax!genrad!panda!dls


  My question is even simplier, "What are the qualifications for being
  able to income average this year?" Last year my wife and I had a gross
  income of ~$6000 ( I was in school full time and didn't work much).
  Not realizing how much we were making this year ( Now that I am
  working full time or there abouts ) we have made in the neiborhood of
  ~$20,000. And worst of all we didn't change our tax status so it looks
  as if we may have to pay in $400. I would really like to at least not
  have to pay, of course getting a refund would be nice too.

  Can anyone help me??

  Thanks in advance,

  Guy A. Lewis

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