Form 4972 Tax On Lump Sum Distributions - Screen in the income folder to complete form 4972. Mandatory income tax withholding of 20% applies to most taxable distributions paid directly to you in a lump sum from employer retirement plans. Taxpayers may use irs form 4972 to calculate the tax on a qualified lump sum distribution using the 20% capital gains.
Taxpayers may use irs form 4972 to calculate the tax on a qualified lump sum distribution using the 20% capital gains. Screen in the income folder to complete form 4972. Mandatory income tax withholding of 20% applies to most taxable distributions paid directly to you in a lump sum from employer retirement plans.