Get 2010 Form 4972

Use Form 4972 to figure the tax on a qualified lump-sum distribution (defined below) you received in 2022 using the 20% capital gain election, the 10-year tax option, or both.

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.

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.

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.

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 59½ Being deceased (applicable to beneficiaries)

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.

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.

Use Form 4972 to figure the tax on a qualified lump-sum distribution (defined below) you received in 2022 using the 20% capital gain election, the 10-year tax option, or both.