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Request for 72(t) or 72(q) Substantially Equal Periodic Payments Standard Insurance Company Individual Annuities 800.247.6888 Tel 800.378.4570 Fax 1100 SW Sixth Avenue Portland OR 97204-1093 www.standard.com
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Individuals who are planning to make penalty-free withdrawals from their retirement accounts before reaching the age of 59 and a half.
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What is 72q?
72q refers to IRS Form 72q, also known as Quarterly Withholding Tax Return for Miscellaneous Sources of Income. It is used for reporting miscellaneous income and determining the correct amount of tax to withhold.
Who is required to file 72q?
Individuals or entities who have paid or received miscellaneous income of $600 or more during the calendar year are required to file Form 72q.
How to fill out 72q?
To fill out Form 72q, you need to provide information about the payer or payee, the amount of miscellaneous income, and any tax withheld. The form can be filled out electronically or on paper.
What is the purpose of 72q?
The purpose of Form 72q is to report miscellaneous income and ensure the correct amount of tax is withheld. It helps the IRS track income and enforce tax regulations.
What information must be reported on 72q?
On Form 72q, you must report the payer/payee's identifying information, such as name, address, and taxpayer identification number. You also need to report the amount of miscellaneous income and any tax withheld.
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