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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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
Use schedule J on personal 1040
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.
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
Thank you. This was helpful and I used the Schedule J for planning for these clients.
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