Instructions For 2006 Form Fia-40 - Farm Income Averaging (Page 2 of 4) in pdf

2003 Taxable Income Worksheet

6. If there is a loss on your 2004

federal Schedule D, line 21, add

1. Figure the taxable income from

that loss (as a positive amount)

your 2003 tax return without

and your 2004 capital loss carry-

limiting it to -0-. Include any

over to 2005. Subtract from that

NOLD carryovers or carrybacks

sum the amount of the loss on

if you did not have a NOL in

your 2004 federal Schedule D,

2003. Do not include any NOLD

line 16. Enter the result here ................ $ ___________

carryover or carryback from

7. If you had an NOL for 2004,

other years if you had a NOL

enter it as a positive amount

in 2003. Enter the result here ............... $ ___________

here. Otherwise, enter the

2. If there is a loss on your 2003

portion (if any) of the NOLD

federal Schedule D, line 18, add

carryovers and carrybacks to

that loss (as a positive amount)

2004 that were not used in 2004

and your 2003 capital loss carry-

and were carried to tax years

over to 2004. Subtract from that

after 2004 as a positive

sum the amount of the loss on your

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

2003 federal Schedule D, line 17a.

8. Add lines 5, 6, and 7. Enter the result

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

here and on Form FIA-40, line 9 ......... $ ___________

3. If you had an NOL for 2003,

enter it as a positive amount here.

Line 13, 2005 taxable income. If you used FIA-40 to figure

Otherwise, enter the portion

your tax for 2005, en ter on line 13 the amount from your

(if any) of the NOLD carryovers

2005 FIA-40, line 3. If you used FIA-40N enter the amount

and carrybacks to 2003 that were

from your 2005 FIA-40N, line 8. If you used FIA-40P enter

not used in 2003 and were carried

the amount from your 2005 FIA-40P, line 6.

to tax years after 2003 as a

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

If your 2005 taxable income was -0- or less, use the worksheet

4. Add lines 1, 2, and 3.

below to figure the amount to enter on Form FIA-40, line 13.

Enter the result here, and

2005 Taxable Income Worksheet

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

9. Figure the taxable income from

your 2005 tax return without

Line 9, 2004 taxable income. If you used FIA-40 to figure

limiting it to -0-. Include any

your tax for 2005, enter on line 9 the amount from your 2005

NOLD carryovers or carrybacks

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

if you did not have a NOL in 2005.

for 2005 on FIA-40, FIA-40N, or FIA-40P, enter on line 9 the

Do not include any NOLD carry-

amount from your 2005 Schedule Z, Computation for Tax

over or carryback from other

Year 2004. If you used Com pu ta tion A, use the amount on

years if you had a NOL in 2005.

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

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

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

10. If there is a loss on your 2005

If you used FIA-40 to figure your tax for 2004 but not for

federal Schedule D, line 21,

2005, enter on line 9 the amount from your 2004 FIA-40, line

add that loss (as a positive

3. If you used FIA-40N enter the amount from your 2004

amount) and your 2005 capital

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

loss carryover to tax year 2006.

your 2004 FIA-40P, line 6.

Subtract from that sum the

If your 2004 tax able in come was -0- or less, use the worksheet

amount of the loss on your

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

2005 federal Schedule D,

line 16. Enter the result here ................ $ ___________

2004 Taxable Income Worksheet

11. If you had an NOL for 2005,

5. Figure the taxable income from

enter it as a positive amount

your 2004 tax return without

here. Otherwise, enter the portion

limiting it to -0-. Include any

(if any) of the NOLD carryovers

NOLD carryovers or carrybacks

and carrybacks to 2005 that were

if you did not have a NOL in 2004.

not used in 2005 and were carried

Do not include any NOLD carry-

to tax years after 2005 as a positive

over or carryback from other

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

years if you had a NOL in 2004.

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

12. Add lines 9, 10, and 11.

Enter the result here and on

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

Instructions For 2006 Form Fia-40 - Farm Income Averaging Page 2

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