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This form is used to report and calculate the Kentucky tax on lump-sum distributions from qualified plans for individuals born before January 2, 1936, who qualify to file federal Form 4972.
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How to fill out 4972-k
How to fill out 4972-K
01
Obtain Form 4972-K from the official website or your local tax office.
02
Fill in your personal information at the top of the form including your name, address, and taxpayer identification number.
03
Indicate the type of income you are reporting.
04
Fill in the amounts in the appropriate sections based on your income sources.
05
Follow the instructions to calculate any adjustments or credits.
06
Review your information for accuracy.
07
Sign and date the form once completed.
08
Submit the form to the appropriate tax authority by the specified deadline.
Who needs 4972-K?
01
Anyone who has received a specific type of income that requires reporting on Form 4972-K.
02
Taxpayers who are subject to reporting requirements for certain transactions or benefits.
03
Individuals needing to report income to receive credits or adjustments related to that income.
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People Also Ask about
What is tax form 4972 k?
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.
What is the IRS form 4972 used for?
If you are the spouse or former spouse of a plan participant who was born before 1936 and you received a qualifying lump-sum distribution as an alternate payee under a qualified domestic relations order, you can use Form 4972 to figure the tax on that income.
What is section 4972?
Internal Revenue Code Section 4972(d) In the case of any qualified employer plan, there is hereby imposed a tax equal to 10 percent of the nondeductible contributions under the plan (determined as of the close of the taxable year of the employer).
What is the lump-sum payout?
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).
Who qualifies for 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)
What is 4972?
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. Taking a lump-sum distribution. Lump-sum taxes. Form 4972.
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What is 4972-K?
4972-K is a tax form used to report distributions that are eligible for special tax treatment under certain conditions, often relating to retirement accounts.
Who is required to file 4972-K?
Individuals who receive a distribution from a qualified retirement plan or IRA and wish to report it for special tax calculations are required to file Form 4972-K.
How to fill out 4972-K?
To fill out 4972-K, gather information regarding the distribution received, including the amount, type of plan, and other relevant financial details, then complete the form as instructed in the accompanying guidelines.
What is the purpose of 4972-K?
The purpose of 4972-K is to provide taxpayers a means to report special tax treatment on certain retirement plan distributions, ensuring they comply with tax regulations.
What information must be reported on 4972-K?
The information that must be reported on 4972-K includes the taxpayer's identification details, the amount of distribution, type of retirement plan, and any other relevant tax information associated with the distribution.
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