Form Schedule M1LS Tax on Lump-Sum Distribution - FREE Legal Forms 2026

1. Click ‘Get Form’ to open it in the editor.
2. Begin by entering your first name, initial, and last name at the top of the form. Ensure accuracy as this information is crucial for identification.
3. Input your Social Security Number in the designated field. This is necessary for tax processing.
4. Refer to federal Form 4972 to complete the portion of your lump-sum distribution eligible for averaging. Enter this amount on line 1.
5. If you completed Schedule M1R, follow its instructions; otherwise, enter '0' on line 2.
6. Subtract line 2 from line 1 and record the result on line 3.
7. Multiply the amount on line 3 by 20% and write it down on line 4.
8. Use the tax table from Form M1 instructions to find the corresponding tax for the amount on line 4 and enter it on line 5.
9. Continue with calculations as instructed through lines 6 to 11, ensuring all entries are accurate and rounded to whole dollars where specified.

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