2023 Form 1040 Schedule J - Income Averaging For Farmers And Fishermen

Form 1040 Schedule J, titled "Income Averaging for Farmers and Fishermen," is used by eligible taxpayers engaged in farming or fishing activities to calculate their income tax liability in a way that helps to even out fluctuations in income over several years. This form allows farmers and fishermen to average their income over a specified period, typically the previous three years, to reduce the impact of income variability.