Federal Income Averaging for Farmers and Fishermen

Income Averaging for Farmers and Fishermen
2023 Schedule J (Form 1040)
Income Averaging for
Farmers and Fishermen

SCHEDULE J
(Form 1040)
Department of the Treasury
Internal Revenue Service

OMB No. 1545-0074

2023

Attach to Form 1040, 1040-SR, or 1040-NR.
Go to www.irs.gov/ScheduleJ for instructions and the latest information.

Attachment
Sequence No. 20
Social security number (SSN)

Name(s) shown on return

1

Enter the taxable income from your 2023 Form 1040, 1040-SR, or 1040-NR, line 15

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1

2a

Enter your elected farm income. See instructions. Do not enter more than the amount on line 1 .

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2a

Capital gain included on line 2a:
b Excess, if any, of net long-term capital gain over net short-term capital loss .

2b

c

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Unrecaptured section 1250 gain

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3

Subtract line 2a from line 1 .

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3

4

Figure the tax on the amount on line 3 using the 2023 tax rates. See instructions

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5

If you used Schedule J to figure your tax for:
• 2022, enter the amount from your 2022 Schedule J, line 11.
• 2021 but not 2022, enter the amount from your 2021 Schedule J, line 15.
• 2020 but not 2021 or 2022, enter the amount from your 2020 Schedule J,
line 3.
Otherwise, enter the taxable income from your 2020 Form 1040, 1040-SR,
or 1040-NR, line 15. If zero or less, see instructions.

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6

Divide the amount on line 2a by 3.0 .

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6

7

Combine lines 5 and 6. If zero or less, enter -0-

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7

8

Figure the tax on the amount on line 7 using the 2020 tax rates. See instructions

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9

If you used Schedule J to figure your tax for:
• 2022, enter the amount from your 2022 Schedule J, line 15.
• 2021 but not 2022, enter the amount from your 2021 Schedule J, line 3.
Otherwise, enter the taxable income from your 2021 Form 1040, 1040-SR,
or 1040-NR, line 15. If zero or less, see instructions.

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10

Enter the amount from line 6

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10

11

Combine lines 9 and 10. If less than zero, enter as a negative amount .

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11

12

Figure the tax on the amount on line 11 using the 2021 tax rates. See instructions .

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12

13

If you used Schedule J to figure your tax for 2022, enter the amount from your
2022 Schedule J, line 3. Otherwise, enter the taxable income from your 2022
Form 1040, 1040-SR, or 1040-NR, line 15. If zero or less, see instructions .

13

14

Enter the amount from line 6

15

Combine lines 13 and 14. If less than zero, enter as a negative amount

16

Figure the tax on the amount on line 15 using the 2022 tax rates. See instructions .

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16

17

Add lines 4, 8, 12, and 16

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For Paperwork Reduction Act Notice, see your tax return instructions.

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5

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9

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14

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15

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Cat. No. 25513Y

17
Schedule J (Form 1040) 2023

Page 2

Schedule J (Form 1040) 2023

18

Amount from line 17

19

If you used Schedule J to figure your tax for:
• 2022, enter the amount from your 2022 Schedule J, line 12.
• 2021 but not 2022, enter the amount from your 2021 Schedule J, line 16.
• 2020 but not 2021 or 2022, enter the amount from your 2020 Schedule J,
line 4.
Otherwise, enter the tax from your 2020 Form 1040, 1040-SR, or 1040-NR,
line 16.

}

If you used Schedule J to figure your tax for:
• 2022, enter the amount from your 2022 Schedule J, line 16.
• 2021 but not 2022, enter the amount from your 2021 Schedule J, line 4.
Otherwise, enter the tax from your 2021 Form 1040, 1040-SR, or 1040-NR,
line 16.

}

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19

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21

If you used Schedule J to figure your tax for 2022, enter the amount from your
2022 Schedule J, line 4. Otherwise, enter the tax from your 2022 Form 1040,
21
1040-SR, or 1040-NR, line 16* . . . . . . . . . . . . . . . .
* Only include tax reported on this line that is imposed by section 1 of the Internal Revenue Code. See
instructions.

22

Add lines 19 through 21 .

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Tax. Subtract line 22 from line 18. Also include this amount on Form 1040, 1040-SR, or 1040-NR,
line 16 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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18

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22

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Caution: Your tax may be less if you figure it using the 2023 Tax Table, Tax Computation Worksheet,
Qualified Dividends and Capital Gain Tax Worksheet, or Schedule D Tax Worksheet. Attach Schedule
J only if you are using it to figure your tax.
Schedule J (Form 1040) 2023