Get the free 2017 Form 4972. Tax on Lump-Sum Distributions

Form4972Department of the Treasury Internal Revenue Service (99)Tax on LumpSum Distributions2017(From Qualified Plans of Participants Born Before January 2, 1936) Go to www.irs.gov/Form4972 for the

How to fill out 2017 form 4972 tax

How to fill out 2017 form 4972 tax

1. To fill out the 2017 form 4972 tax, follow these steps:
2. Gather all your investment statements and tax documents that relate to the capital gains and losses you have incurred in 2017.
3. Download or obtain a copy of the 2017 form 4972 tax from the official website of the Internal Revenue Service (IRS).
4. Begin by accurately entering your personal information, such as your name, Social Security number, and filing status, in the appropriate sections of the form.
5. Proceed to Part I of the form, where you will need to provide details about your capital gains distributions and net capital gain from the Schedule D Tax Worksheet.
6. If you have any qualified 5-year average dividends that are subject to the 15% maximum rate, enter the amount in the specified section of Part I.
7. Move on to Part II, where you will calculate the capital gain tax rates applicable to the total capital gain distribution.
8. Complete Part III if you have a 28% rate gain or an unrecaptured section 1250 gain.
9. Proceed to Part IV if you are electing to figure your tax by averaging or using the 10-year tax computation method.
10. Once you have filled out all the necessary sections, double-check your entries for any errors or omissions.
11. Sign and date the form, attach any required supporting documents, and send it by mail to the IRS address provided in the form's instructions.
12. It is recommended to consult with a tax professional or use tax software to ensure accurate completion of the 2017 form 4972 tax.

Who needs 2017 form 4972 tax?

1. Individuals who have experienced capital gains distributions or net capital gains, and meet the specific criteria defined by the IRS, may need to fill out the 2017 form 4972 tax.
2. Some situations that may require the filing of this form include:
3. - Receiving capital gains distributions from mutual funds
4. - Owning real estate assets subject to a 28% rate gain or unrecaptured section 1250 gain
5. - Electing to use the 10-year tax computation method
6. However, it is advisable to consult the IRS guidelines or seek assistance from a tax professional to determine if you specifically need to fill out the 2017 form 4972 tax.

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What is form 4972 tax on?

Form 4972 is for reporting the tax on lump-sum distributions from qualified retirement plans.

Who is required to file form 4972 tax on?

Individuals who receive a lump-sum distribution from a qualified retirement plan are required to file form 4972.

How to fill out form 4972 tax on?

You can fill out form 4972 by entering the necessary information about the distribution and calculating the tax using the instructions provided by the IRS.

What is the purpose of form 4972 tax on?

The purpose of form 4972 is to calculate and report the tax on lump-sum distributions from qualified retirement plans.

What information must be reported on form 4972 tax on?

Information such as the total distribution amount, capital gain portion, and the tax calculation must be reported on form 4972.