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22 Μαΐ 2024 · Use this form to figure the tax on a qualified lump-sum distribution using the 20% capital gain election, the 10-year tax option, or both.
- About Publication 939, General Rule for Pensions and Annuities
About Form 1099-R, Distributions From Pensions, Annuities,...
- About Publication 575, Pension and Annuity Income
About Form 4972, Tax on Lump-Sum Distributions. About Form...
- About Publication 939, General Rule for Pensions and Annuities
This form is used to report tax on lump-sum distributions from qualified plans of participants born before January 2, 1936. It has a series of questions to determine if you can use this form and how to complete it.
The Instructions for Form 4972 detail the tax computation rules applicable to a lump sum distribution. These rules apply only to distributions made from a qualified plan, such as a 401(k) or IRA . They do not apply to distributions made to death beneficiaries.
14 Αυγ 2023 · What is IRS Form 4972 used for? Taxpayers may use IRS Form 4972 to calculate the tax on a qualified lump sum distribution using the 20% capital gains election, 10-year tax election, or both. This option is only available for qualified plans where the participant was born before January 2, 1936.
16 Οκτ 2024 · If you have a large retirement plan balance, taking a lump-sum could trigger significant tax consequences. However, IRS Form 4972 allows you to claim preferential tax treatment if you meet a series of special requirements. The biggest requirement is that you have to be born before January 2, 1936.
14 Αυγ 2023 · Use Form 4972 to figure the tax on a qualified lump-sum distribution (defined below) you received in 2022 using the 20% capital gain election, the 10-year tax option, or both.
Learn about the tax options and rules for lump-sum distributions from qualified retirement plans or annuities. Find out how to report, roll over, or withhold on your lump-sum income and get Form 4972 instructions.
