4972 2023-2024 Form

Instructions and help about your sum

going over IRS form 4972 tax on lump sum distributions this form specifically is for lump sum distributions from qualified plans that belong to participants before January 2nd 1936. however it also applies to uh lump sum distributions from qualified plans where a beneficiary receives a qualified plan from a participant born before January 2nd 1936 and decides to take lump sum distributions so in this case it's the qualified plan that is grandfathered before this uh the the date the the original participant whether or not the beneficiary was belong or whether or not the beneficiary was actually born before January 2nd it does not matter as long as the original plan participant was so we're going to walk through uh some unique aspects to this form specifically there's an option to select 20 capital gain elections there is a part of this form to choose a 10-year tax option where you calculate the amount of tax that you would pay and you pay in one lump sum that represents the 10-year annu