Form 1040 Schedule J - Income Averaging For Farmers And Fishermen

Form 1040 Schedule J, titled "Income Averaging for Farmers and Fishermen," is a tax form used by individuals engaged in farming or fishing activities to calculate their income tax liability in a way that smoothens out fluctuations in their income over several years. This form allows qualifying farmers and fishermen to average their income over a specified number of years, reducing the impact of high-income years on their tax liability.