Irs 4972 instructions Form 2023-2024

Irs 4972 instructions 2024 Form: What You Should Know

Product Number Instructions for Form 4972. Note: The Tax on lump-sum distributions is the tax included in box 2a of Form 1040. Step 2. — Enter the total of all distributions of net capital gain to which you are entitled to deduct the lesser of the two amounts. Complete Part II—Enter Net Capital Gain and Part III—Enter Deductions. (If you are making the 20% capital gain election, enter the maximum amount available for deductible capital losses in box 2a from Part II, including capital losses from qualified short-term investments, in Part III.) Product Number TitleRevision Date Product Number Line 11. Line 12. Line 13. Line 14. Line 15. If item(s) in line 13 must be calculated for only one year, do not complete line 13. Line 16 -Enter the figure. Product NumberTitleRevision Date Product Number Line 1a. Line 1b. Line 2. Line 3a. Line 3b. Line 4. Line 5a. Line 5b. Line 6a. Line 6b. Line 7a. Line 7b. Line 8. Line 9a. Line 9b. Step 3. —Enter the net capital gain amount in box 13b of Form 1040. Note: You will need to have the 1040 income tax return from the previous two years available in order to calculate the net capital gain amount. Step 4. —If the net capital gain amount is taxable, deduct it from your tax. If not, enter the sum in box 13b of Form 1040. Product Number TitleRevision Date Product Number Line 5a. Box 13b. Line 6a. Box 13c. Line 7a. Box 13d. Line 8a. Box 13e. Step 5. —Pay the tax, plus interest. Step 6. —Report the net capital gain amount shown in box 13b on line 14a of Form 1040. If you want to compute the net capital gain shown on line 15 of Form 1040, take the amount on line 12 of Form 4972 and multiply it by the capital gain rate to obtain a figure that is accurate to the nearest 1/100th. Product Number TitleRevision Date Product Number Line 1. Line 2a. Line 2b. Line 7a. Box 15c. Line 8. Line 9a. Box 15d. Line 10a. Box 15e.

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