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IRS 4972 2022 4.5 Satisfied (53 Votes)
IRS 4972 2021 4.9 Satisfied (37 Votes)
IRS 4972 2020 4.3 Satisfied (193 Votes)
IRS 4972 2019 4.2 Satisfied (36 Votes)
IRS 4972 2014 4.2 Satisfied (25 Votes)
IRS 4972 2016 4.4 Satisfied (677 Votes)
IRS 4972 2017 4.4 Satisfied (242 Votes)
IRS 4972 2011 4.3 Satisfied (66 Votes)
IRS 4972 2018 4.3 Satisfied (60 Votes)
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A lump-sum distribution is a financial term that usually refers to an election to receive a 401(k) plan or pension benefit as a one-time payment for the entire balance. Instead of taking the payments throughout retirement, you can cash out the entire policy at once.
If you were born before January 2, 1936, you may be able to use IRS Form 4972 to reduce the taxes on a lump-sum distribution.
Ten-year forward averaging allows you to figure the tax on your lump-sum distribution by applying 1986 tax rates to one-tenth of the amount of your distribution, then multiplying the resulting tax amount by 10. This tax is payable for the year in which you receive the lump-sum distribution.
A lump-sum distribution is the withdrawal of the entire balance of an inherited traditional IRA or employer-sponsored retirement plan account in one tax year. It is this one-tax-year time frame, not the number of distributions, that determines a lump-sum distribution.
Key Takeaways. 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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Investors can avoid taxes on a lump sum pension payout by rolling over the proceeds into an individual retirement account (IRA) or other eligible retirement accounts.
Know: You will pay taxes on your lump-sum payout. Your lump sum money is generally treated as ordinary income for the year you receive it (rollovers don't count; see below). For this reason, your employer is required to withhold 20 percent of the payout.
The portion of the distribution that includes capital gain is listed in the capital gain box of Form 1099-R. The 20% capital gains rate is fixed and does not depend on the current capital gain percentage. Only taxpayers who qualify for special averaging can use the special capital gains treatment.
You could take your whole pension pot as one lump sum. But 75% of it is taxable in the same way as other income like your salary. So by taking it all in the same tax year, you could end up with a big tax bill. Plus, you'll need to plan how you're going to provide an income for the rest of your life.
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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