Instructions For 2005 Form Fia-40 - Farm Income Averaging (Page 2 of 4) in pdf

2. If there is a loss on your 2002

portion (if any) of the NOLD

federal Schedule D, line 18, add

carryovers and carrybacks to

that loss (as a positive amount)

2003 that were not used in 2003

and your 2002 capital loss carry-

and were carried to tax years

over to 2003. Subtract from that

after 2003 as a positive

sum the amount of the loss on your

amount here ........................................... $ ___________

2002 federal Schedule D, line 17.

9. Add lines 7 and 8 .................................. $ ___________

Enter the result here.............................. $ ___________

10. Add line 6 and line 9. Enter

the result here and on

3. If you had an NOL for 2002,

Form FIA-40, line 9 ............................... $ ___________

enter it as a positive amount here.

Otherwise, enter the portion

(if any) of the NOLD carryovers

Line 13, 2004 taxable income. If you used FIA-40 to figure

and carrybacks to 2002 that were

your tax for 2004, en ter on line 13 the amount from your

not used in 2002 and were carried

2004 FIA-40, line 3. If you used FIA-40N enter the amount

to tax years after 2002 as a

from your 2004 FIA-40N, line 8. If you used FIA-40P enter

positive amount here ............................ $ ___________

the amount from your 2004 FIA-40P, line 6.

4. Add lines 2 and 3 .................................. $ ___________

If your 2004 taxable income was -0- or less, use the work-

5. Add line 1 and line 4.

sheet below to figure the amount to enter on Form FIA-40,

Enter the result here, and

line 13.

on Form FIA-40, line 5.......................... $ ___________

2004 Taxable Income Worksheet

Line 9, 2003 taxable income. If you used FIA-40 to figure

11. Figure the taxable income from

your tax for 2004, enter on line 9 the amount from your 2004

your 2004 tax return without

FIA-40, line 15. If you used Sched ule Z to figure your tax

limiting it to -0-. Include any

for 2004 on FIA-40, FIA-40N, or FIA-40P, enter on line 9 the

NOLD carryovers or carrybacks

amount from your 2004 Schedule Z, Computation for Tax

if you did not have a NOL in 2004.

Year 2003. If you used Com pu ta tion A, use the amount on

Do not include any NOLD carry-

line 9. If you used Computation B, use the amount on line 6.

over or carryback from other

If you used Com pu ta tion C, use the amount on line 3.

years if you had a NOL in 2004.

Enter the result here.............................. $ ___________

If you used FIA-40 to ﬁ gure your tax for 2003 but not for

12. If there is a loss on your 2004

2004, enter on line 9 the amount from your 2003 FIA-40, line

federal Schedule D, line 21,

3. If you used FIA-40N enter the amount from your 2003

add that loss (as a positive

FIA-40N, line 8. If you used FIA-40P enter the amount from

amount) and your 2004 capital

your 2003 FIA-40P, line 6.

loss carryover to tax year 2005.

If your 2003 tax able in come was -0- or less, use the worksheet

Subtract from that sum the

be low to fig ure the amount to enter on Form FIA-40, line 9.

amount of the loss on your

2004 federal Schedule D,

2003 Taxable Income Worksheet

line 17a. Enter the result here .............. $ ___________

6. Figure the taxable income from

13. If you had an NOL for 2004,

your 2003 tax return without

enter it as a positive amount

limiting it to -0-. Include any

here. Otherwise, enter the portion

NOLD carryovers or carrybacks

(if any) of the NOLD carryovers

if you did not have a NOL in 2003.

and carrybacks to 2004 that were

Do not include any NOLD carry-

not used in 2004 and were carried

over or carryback from other

to tax years after 2004 as a positive

years if you had a NOL in 2003.

amount here ........................................... $ ___________

Enter the result here.............................. $ ___________

14. Add lines 12 and 13 .............................. $ ___________

7. If there is a loss on your 2003

15. Add line 11 and line 14.

federal Schedule D, line 18, add

Enter the result here and on

that loss (as a positive amount)

Form FIA-40, line 13 ............................. $ ___________

and your 2003 capital loss carry-

over to 2004. Subtract from that

Example 1. Kevin Crooper did not income average for

sum the amount of the loss on

tax year 2002 or 2003 but he did income average for tax

your 2003 federal Schedule D,

year 2004 and he wants to income average for tax year

line 17a. Enter the result here .............. $ ___________

2005. For tax years 2002, 2003, and 2004 Kevin filed joint

8. If you had an NOL for 2003,

returns. His filing status for tax year 2005 is also mar-

enter it as a positive amount

ried filing jointly. For tax year 2002, Kevin’s taxable

here. Otherwise, enter the

Instructions For 2005 Form Fia-40 - Farm Income Averaging Page 2

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