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Name(s) as shown on return IT-230 Identification number Part 1 -- Did you use federal Form 4972 to f

Name(s) as shown on return IT-230 Identification number Part 1 -- Did you use federal Form 4972 to f-2025

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The document is a tax form (IT-230) from the New York State Department of Taxation and Finance, designed for reporting separate taxes on lump-sum distributions. It outlines the procedures for residents, part-year residents, and nonresidents to calculate their tax obligations based on federal Form 4972. The form includes sections for entering capital gains, taxable amounts, and specific calculations for New York State and New York City taxes.

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Who is eligible for lump sum?

The primary beneficiaries of a deceased member who had paid less than 36 monthly contributions shall be entitled to lump sum benefit, which shall be the higher of: Monthly pension multiplied by the number of monthly contributions paid prior to the semester of death; or. Twelve (12) times the monthly pension.

What is the tax on Section 4972?

26 U.S. Code 4972 - Tax on nondeductible contributions to qualified employer plans. In the case of any qualified employer plan, there is hereby imposed a tax equal to 10 percent of the nondeductible contributions under the plan (determined as of the close of the taxable year of the employer).

Who gets lump sum payments?

You may receive a lump sum payment on redundancy or retirement from your employer. A lump sum payment on termination of employment may be exempt from tax, or may qualify for tax relief.

What form number is federal income tax return?

About Form 1040, U.S. Individual Income Tax Return. Internal Revenue Service.

What qualifies as a lump sum distribution?

Whats a lump-sum distribution? A lump-sum distribution is the distribution or payment within a single tax year of a plan participants entire balance from all of the employers qualified plans of one kind (for example, pension, profit-sharing, or stock bonus plans).

What triggers a lump sum distribution?

In general, distributions from qualified plans are treated as lump sums if the total plan balance is distributed over the same tax year, and if the distribution is made as a result of the employee: Attaining age 59 Being deceased (applicable to beneficiaries)

Who can use form 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.

Name(s) as shown on return IT-230 Identification number Part 1 -- Did you use federal Form 4972 to f-2025

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