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FORM 4972 K KENTUCKY TAX on LUMP SUM DISTRIBUTIONS
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People also ask kentucky revenue distributions
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What is a lump-sum distribution?
A lump-sum distribution is an amount of money due that is paid all at once, as opposed to being paid in regular installments. Lump-sum distributions may be made from retirement plans, commissions earned, windfall earnings, or certain fixed-income investments.
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What is a lump-sum distribution of inherited 401k?
A spouse can receive their portion of a 401(k) account as a lump sum, penalty-free. The IRS taxes lump-sum distributions as ordinary income (except for any Roth 401(k) that has met certain requirements1), and, depending on the account balance and your income level, this could create a substantial tax bill.
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What is an example of a lump-sum payment?
Lump sum payments can also be referred to as lump sum payouts or financial windfalls. A lump sum payment can come in the form of a bonus from your job, an insurance claim or settlement, a tax refund, an inheritance, or even winning the lottery.
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Should I take a lump-sum distribution from my pension?
If you expect to have an above-average life span, you may want the predictability of regular payments. Having a payment stream that will last throughout your lifetime can be comforting. However, if you expect to have a shorter-than-average life span because of personal reasons, the lump sum could be more beneficial.
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What form is 4972?
If you were older than 59-1/2 before you received a lump sum from a qualified employee retirement plan, you may have some other options that can reduce your tax bill. To use any of these special treatments, you must complete IRS Form 4972, Tax on Lump-Sum Distributions, and attach it to your tax return.
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Is a lump-sum taxable?
Mandatory income tax withholding of 20% applies to most taxable distributions paid directly to you in a lump sum from employer retirement plans even if you plan to roll over the taxable amount within 60 days.
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What is an example of a lump-sum distribution?
Two common examples of lump-sum distributions are a commission check and a pension plan distribution, following a pensioner's death.
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What is the lump sum tax deduction?
Do not deduct income tax from a lump-sum payment if the recipient's total earnings received or receivable during the calendar year, including the lump-sum payment, are less than the claim amount on their Form TD1, Personal Tax Credits Return. This does not apply to lump-sum payments made to non-residents.
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