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Form 4972 is used to calculate the tax on lump-sum distributions from qualified plans for participants born before January 2, 1936. It allows taxpayers to apply special tax options, such as the 20% capital gain election and the 10-year tax option, which may result in a lower tax liability compared to reporting the distribution as ordinary income. The form includes instructions for determining eligibility, reporting requirements, and specific calculations related to capital gains and taxable amounts.

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What is the IRS form 4972 used for?

If you are the spouse or former spouse of a plan participant who was born before 1936 and you received a qualifying lump-sum distribution as an alternate payee under a qualified domestic relations order, you can use Form 4972 to figure the tax on that income.

How much tax will be taken for a lump-sum payout?

If you take a lump-sum distribution, even using Form 4972, the retirement plan administrator typically withholds 20% of your withdrawal and sends it to the IRS on your behalf. If your ultimate tax liability is lower than 20%, you can claim that part back when you file your taxes.

What is the purpose of the IRS form 4972?

Use this form to figure the tax on a qualified lump-sum distribution using the 20% capital gain election, the 10-year tax option, or both.

What is the IRS Code 4972?

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). The tax imposed by this section shall be paid by the employer making the contributions.

What is the tax penalty for taking a lump-sum pension?

For this reason, your employer is required to withhold 20 percent of the payout. In addition to paying income tax, you will owe an additional 10 percent penalty tax, if you take a lump-sum payout before age 59.

Who qualifies for 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)

What does the IRS consider a lump-sum payment?

What Is a Qualified Lump-Sum Distribution? It is the distribution or payment in 1 tax year of a plan participants entire balance from all of an employers qualified plans of one kind (for example, pension, profit-sharing, or stock bonus plans) in which the participant had funds.

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