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FORM4972KKENTUCKY TAX ON LUMPS DISTRIBUTIONS (From Qualified Plans of Participants Born Before January 2, 1936)Commonwealth of Kentucky Department of Revenue Enclose with Form 740, Form 740NP or Form
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To fill out form 4972-k, follow these steps:
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Write your name and social security number at the top of the form.
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Indicate your filing status by checking the appropriate box.
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Provide details of your investments and transactions, including the type of investment, the date acquired, the cost or other basis, the date sold, and the amount realized.
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Calculate the excess capital gains by completing the necessary calculations as outlined on the form.
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Form 4972-k is needed by individuals who have experienced excess capital gains from certain investment transactions.
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4972-k is a tax form used to report certain distributions from qualified retirement plans and individual retirement accounts (IRAs).
Individuals who receive a lump-sum distribution from a retirement plan or IRA, and wish to report it under special tax rules, are required to file 4972-k.
To fill out 4972-k, gather relevant financial information regarding the distribution, complete each section accurately, and ensure all calculations are correct before submitting it to the IRS.
The purpose of 4972-k is to allow taxpayers to report lump-sum distributions and potentially take advantage of different tax treatment options available for such distributions.
The information that must be reported on 4972-k includes details of the distribution amount, date received, and any applicable tax calculations based on tax treatment options.
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