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In 2007 and 2008 my AGI was about 3 times more than my AGI of 2009 (I took an extended break last year). How is income calculated for self-employed people? As average over the past 2 years? Thanks!
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declining income, underwritier will most likliy use 12 month average of 2009. if you can prove to underwriter that you took leave and have new contracts/acct recieveables/ytd profit and loss that supports 2007/2008 income; they may run a 3 year average. a concern also would be what industry? if your industry is effected by overall ecomonic decline. i highly doubt an underwriter will accept a longer average.
If you did not file your 2009 returns yet, then you have no issues as we can average 2007 & 2008- 2009's are not due till April 15th so there is no requirement for them to be filed- If you did file the 2009's, we would have to use the lower income without averaging as there is no way to determine why in fact your income was that much lower- As you can imagine, indicating you took an extended vacation even though it may be the truth, would not exactly fly with an underwriter- Being sick, lenghty jury trial, etc would be more plausible and possibly would allow for an average income.
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