1040 Form Schedule J

Business, Legal & Accounting Glossary

Definition: 1040 Form Schedule J

1040 Form Schedule J

Full Definition of 1040 Form Schedule J

Income Averaging for Farmers and Fishermen. This form is used to elect to figure a taxpayer’s income tax by averaging, over the previous three years, all or part of their annual income from their trade or business of farming or fishing. This election can give the taxpayer a lower income tax if their annual income from farming or fishing is high and their taxable income from one or more of the previous years was low. In order to qualify for this election, the taxpayer is not required to have been in the business of farming or fishing during any of the base years.

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1040 Form Schedule J. PayrollHeaven.com. Retrieved November 30, 2021, from PayrollHeaven.com website: https://payrollheaven.com/define/1040-form-schedule-j/

Definition Sources

Definitions for 1040 Form Schedule J are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 13th November, 2021 | 0 Views.