For Paperwork Reduction Act Notice see instructions. Cat. No. 13187U 5a 5b Form 4972 2015 Page 2 Section references are to the Internal Revenue Code. General Instructions Purpose of Form Use Form 4972 to figure the tax on a qualified lump-sum distribution defined below you received in 2015 using the 20 capital gain election the 10-year tax option or both. If you answered No to both questions 3 and 4 do not use this form. 5a Did you use Form 4972 after 1986 for a previous distribution from your...own plan If Yes do not use this form for a 2015 distribution from your own plan. On the dotted line next to line 6 write NUA and the amount from line E above. Specific Instructions 4972 fill in the name and identifying number of the recipient of the distribution. If you received more than one qualified distribution in 2015 for the same plan participant file a separate Form 4972 for If you and your spouse are filing a joint return and each has received a lump-sum Form 4972 for each spouse...combine the tax and include the combined tax in the Step 3. Form Department of the Treasury Internal Revenue Service 99 Tax on Lump-Sum Distributions From Qualified Plans of Participants Born Before January 2 1936 Information about Form 4972 and its instructions is available at www*irs*gov/form4972. Attach to Form 1040 Form 1040NR or Form 1041. Attachment Sequence No* 28 Identifying number Name of recipient of distribution Part I OMB No* 1545-0193 Complete this part to see if you can use Form...4972 Yes No Was this a distribution of a plan participant s entire balance excluding deductible voluntary employee contributions and certain forfeited amounts from all of an employer s qualified plans of one kind for example pension profit-sharing or stock bonus If No do not use this form. Did you roll over any part of the distribution If Yes do not use this form. Were you a a plan participant who received this distribution b born before January 2 1936 and c a participant in the plan for at...least 5 years before the year of the distribution. b If you are receiving this distribution as a beneficiary of a plan participant who died did you use Form 4972 for a previous distribution received as a beneficiary of that participant after 1986 If Yes do not use this form for this distribution. Capital gain part from Form 1099-R box 3. Multiply line 6 by 20. 20. If you also choose to use Part III go to line 8. Otherwise include the amount from line 7 in the total on Form 1040 line 44 Form...1040NR line 42 or Form 1041 Schedule G line 1b. If you completed Part II enter the amount from Form 1099-R box 2a minus box 3. If you did not complete Part II enter the amount from box 2a* Multiple recipients and recipients who elect to include NUA in taxable income see instructions. Death benefit exclusion for a beneficiary of a plan participant who died before August 21 1996. Total taxable amount. Subtract line 9 from line 8. Current actuarial value of annuity from Form 1099-R box 8. If none...enter -0-. Adjusted total taxable amount. Add lines 10 and 11. If this amount is 70 000 or more skip lines 13 through 16 enter this amount on line 17 and go to line 18 Subtract 20 000 from line 12.
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Instructions and Help about IRS 4972
How to edit IRS 4972
How to fill out IRS 4972
Instructions and Help about IRS 4972
How to edit IRS 4972
To edit IRS 4972, utilize tools that enable PDF editing. When using a platform like pdfFiller, you can easily input your information into the form, adjust the layout, and ensure that all necessary details are included before submission.
How to fill out IRS 4972
Filling out IRS 4972 requires accurate reporting of eligible distributions. Follow these steps to complete the form:
01
Gather the necessary information concerning retirement distributions.
02
List the total eligible distribution amounts on the form's designated sections.
03
Calculate the tax owed based on the distribution and enter it in the corresponding fields.
04
Provide any additional required data, including identification numbers.
About IRS 4 previous version
What is IRS 4972?
What is the purpose of this form?
Who needs the form?
When am I exempt from filling out this form?
Components of the form
What are the penalties for not issuing the form?
What information do you need when you file the form?
Is the form accompanied by other forms?
Where do I send the form?
About IRS 4 previous version
What is IRS 4972?
IRS 4972 is a tax form used to report and calculate taxes on lump-sum distributions from retirement plans. It applies specifically to retirees who received distributions in a single payment rather than through periodic payments.
What is the purpose of this form?
The purpose of IRS 4972 is to assist taxpayers in reporting lump-sum distributions so they can calculate the correct amount of tax owed. The form allows for potential tax advantages if specific criteria are met, making it essential for eligible taxpayers.
Who needs the form?
Taxpayers who received a lump-sum distribution that is eligible for special tax treatment must complete IRS 4972. This typically includes individuals withdrawing funds from retirement accounts, such as pensions or IRAs, under specific conditions.
When am I exempt from filling out this form?
You are exempt from filling out IRS 4972 if your distribution does not qualify as a lump-sum distribution or if you transferred funds directly to another qualifying retirement plan without receiving any payment. Additionally, if your distribution occurred as an annuity rather than a lump-sum, this form is not required.
Components of the form
IRS 4972 consists of multiple sections, including details about the taxpayer's personal information, the type and amount of distribution received, calculations related to taxes owed, and instructions for computing any tax benefits. It is crucial to complete all sections accurately to avoid potential errors.
What are the penalties for not issuing the form?
Failing to file IRS 4972 when required can result in significant penalties. The IRS may assess fines for late filings, and taxpayers may miss out on potential tax benefits associated with lump-sum distributions. Additionally, interest may accrue on unpaid taxes, adding to the overall financial burden.
What information do you need when you file the form?
When filing IRS 4972, you will need your personal information, such as your name, Social Security number, and address, as well as details about the lump-sum distribution. This includes the amount of distribution, the plan from which it was received, and any previous retirement account information that may apply.
Is the form accompanied by other forms?
IRS 4972 may need to be filed alongside other forms depending on individual circumstances. Often, it is submitted with your regular tax return, and additional schedules or forms may be necessary to fully capture tax obligations related to your specific distribution.
Where do I send the form?
IRS 4972 should be sent to the same address as your federal income tax return. Ensure you check the specific mailing address on the IRS website or in the instructions accompanying the form based on your location to avoid delays in processing.
FAQ about IRS 4972
What should I do if I need to correct a mistake on my filed 2015 form 4972?
If you discover an error after filing your 2015 form 4972, you will need to submit an amended return using the appropriate process. You can correct mistakes by filing a Form 1040X, Amended U.S. Individual Income Tax Return, where you can explain the changes and update your information accordingly. Ensure to follow up with the IRS to verify that your amended form has been processed.
How can I verify that the IRS received my 2015 form 4972?
To verify receipt of your 2015 form 4972, you can use the IRS 'Where's My Refund?' tool if you're expecting a refund, or call the IRS directly to inquire about your submission. Having your personal information and filing details ready will help expedite the process. Keep your confirmation or tracking number handy if you filed electronically.
What should I do if my e-filed 2015 form 4972 gets rejected?
If your e-filed 2015 form 4972 is rejected, the IRS will provide an error code and a brief explanation. Carefully review the reason for rejection, correct the issues outlined, and resubmit the form. If you encounter repeated rejections, consider reaching out to a tax professional or reviewing IRS resources for common rejection codes related to this form.
What are the record retention requirements for the 2015 form 4972?
It is essential to retain records associated with your 2015 form 4972 for at least three years from the date you filed your return or the due date of the return, whichever is later. This retention period helps assure that you have necessary documentation in case of an audit or if you need to reference details in the future.
Are there any common errors to avoid when filing my 2015 form 4972?
Yes, common errors include incorrect names or Social Security numbers, miscalculations in tax amounts, and failing to sign the form. It’s imperative to double-check all personal and financial details for accuracy before submission to prevent delays and potential notices from the IRS regarding your 2015 form 4972.
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