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This form is used for reporting and calculating Kentucky taxes on lump-sum distributions from qualified retirement plans.
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How to fill out form 4972-k
How to fill out Form 4972-K
01
Obtain Form 4972-K from the IRS website or office.
02
Fill in your personal information at the top of the form, including your name and Social Security number.
03
Indicate the total amount of the distribution you are reporting.
04
Calculate the taxable amount of the distribution using the instructions provided for the form.
05
Complete the applicable sections regarding any tax benefits or adjustments related to the distribution.
06
Sign and date the form.
07
Submit the completed form to the IRS as per the instructions provided.
Who needs Form 4972-K?
01
Individuals who have received a lump-sum distribution from a qualified retirement plan.
02
Taxpayers who want to report the distribution in a way that allows them to potentially reduce their tax liability.
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People Also Ask about
What is tax form 5452?
Purpose of Form. Complete Form 5452 if the corporation made nondividend distributions to shareholders under section 301, section 1368(c)(3), section 1371(e), or section 1371(f). Who Must File. All corporations that have made nondividend distributions to their shareholders must file Form 5452.
What is lump-sum distribution income?
A lump-sum distribution is the distribution or payment within a single tax year of a plan participant's entire balance from all of the employer's qualified plans of one kind (for example, pension, profit-sharing, or stock bonus plans).
What form is 4972?
If you were older than 59-1/2 before you received a lump sum from a qualified employee retirement plan, you may have some other options that can reduce your tax bill. To use any of these special treatments, you must complete IRS Form 4972, Tax on Lump-Sum Distributions, and attach it to your tax return.
What is the tax form for stock distributions?
Form 1099-DIV is used by banks and other financial institutions to report dividends and other distributions to taxpayers and to the IRS.
What triggers a lump-sum distribution?
In general, distributions from qualified plans are treated as lump sums if the total plan balance is distributed over the same tax year, and if the distribution is made as a result of the employee: Attaining age 59½ Being deceased (applicable to beneficiaries)
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What is Form 4972-K?
Form 4972-K is a tax form used to report certain types of payments from retirement plans or IRAs that may be subject to special tax treatment.
Who is required to file Form 4972-K?
Individuals who receive lump-sum distributions from qualified retirement plans or IRAs are required to file Form 4972-K if they want to report the distribution for special tax treatment.
How to fill out Form 4972-K?
To fill out Form 4972-K, follow the instructions provided with the form, which generally include entering personal information, details about the distribution, and calculating any applicable taxes.
What is the purpose of Form 4972-K?
The purpose of Form 4972-K is to report lump-sum distributions from retirement plans and to calculate the tax owed on those distributions using specific tax rates.
What information must be reported on Form 4972-K?
The information that must be reported on Form 4972-K includes the total amount of the lump-sum distribution, the date of distribution, any amount contributed to an individual retirement account, and the recipient's tax identification number.
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