Get Irs 4972 2024-2026

This guide provides clear, step-by-step instructions on how to complete the IRS Form 4972 online. This form is used to calculate the tax on lump-sum distributions received from qualified retirement plans.

Follow the steps to fill out the IRS 4972 online easily.

1. Press the ‘Get Form’ button to obtain the IRS Form 4972 and open it in your document editor.
2. At the top of Form 4972, enter your name and identifying number as the recipient of the distribution.
3. In Part I, answer the questions to determine if you qualify to use this form. Each question must be answered accurately to proceed.
4. If you answer 'Yes' to qualifying questions in Part I, proceed to Part II to choose the 20% capital gain election by entering the amount from Form 1099-R, box 3.
5. Continue in Part II by calculating the factor for multiplying the capital gain amount from line 6 by 20% and entering the result on line 7.
6. Skip to Part III if you wish to utilize the 10-year tax option, and enter the appropriate amounts based on the guidance for lines 8 through 17.
7. Follow the specific instructions for each line as outlined in Part II and Part III, ensuring all required data is entered correctly.
8. Review all sections for accuracy before submitting, then choose to save changes, download, print, or share the completed form.

Complete and file your IRS 4972 online to ensure compliance and potentially reduce your tax liability.