Form 4972 for Hollywood Florida 2024-2025

Form 4972 for Hollywood Florida: What You Should Know

Your Adjusted Gross Income is your taxable income, adjusted for the amount of distributions you received or are reasonably likely to receive during the period the money is invested. You received a qualified lump-sum distribution of 400,000 (rounded to the nearest dollar), less the following amounts: • 50% of: • Capital gain realized on the sale of stock of a U.S.-traded company • Excluded capital account dividends and qualified stock distributions; and • Other income that would not be recognized as taxable income under the general tax laws. Form 4972 (2022) — Tax on Lump-Sum Distributions Filing is easy. Just log onto IRS.gov, and click on “Application for a Taxpayer Identification Number (TIN).” If your employer has your TIN, sign the completed and properly completed application and return, attaching your W-2 and Form 1099 (Form 1099-R). The Form 4972 was last updated in 2010. The form asks for details about an investment you purchased when you were 18 years old or younger, that will be held by you for the rest of your life. The investment was made in the same taxable year your qualified lump-sum distribution was received (you must file both the Form 4972 and one of the following one-time applications, or both if filing separately): Payments made under the Federal Employee Retirement Income Security Act (FEES) Payments made to satisfy an educational award under the National Defense Education Act of 1965 (IDEA) Payments made to satisfy an award under a State educational program authorized by State law The form also asks for details about investments that you have a stake in. The form does not ask about whether you wish to invest in more than one type of investment. You might, however, be able to list one of the following investments on your Form 4972: • Any stock, other than the stock of a U.S. corporation that you own and control through a written agreement with the corporation. • Any mutual fund, insurance or investment company that you have a contractual, limited or absolute right to purchase, including mutual funds, stocks, bonds, bonds, mutual funds, annuities, or other investment vehicles.

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