McAllen Texas Form 4972 2024-2025

McAllen Texas Form 4972: What You Should Know

The Form 4972 tax information should have appeared on your statement you received from the plan after the year you received your qualified distribution. After Form 4972, the retirement plan administrator generally will withhold 20% of the retirement plan participant's withdrawal from that distribution, depending on (1) a number of factors, some of which may not even apply in your particular situation and (2) the plan terms. The first factor, a 'number of factors', may be one or more of the following: 1) the participant's age, or the type of plan (public or private); 2) the maximum contributions made to the plan; 3) the percentage of retirement contributions that are deferred; 4) the percentage of the participant's retirement plan contributions not subject to a required minimum distribution; 5) the type of plan (public or private) and plan age; or 6) any other factor determined pursuant to applicable regulation. In addition, the term plan may refer to (1) a nonqualified defined benefit plan; (2) a defined contribution plan that has a specified retirement benefit plan; or (3) any other plan that may be similar to a defined contribution plan in certain respects.  The second factor, the current year, may result in some or all of the following: If the plan year began in 2025 and ended in 2025 then the plan would have qualified if and only if the minimum percentage in the definition above was met during the plan year in which the employee was paid or made a payment or both (and not otherwise). If the plan year began in 2025 and ended in 2025 then the plan would not have qualified if and only if the maximum percentage in the definition above was met during the plan year in which the employee was paid or made a payment or both (and not otherwise). If the plan year ended after August 18, 2022, but before December 31, 2033, then the plan would not have qualified if and only if the portion of the maximum percentage in the definition above was met during the plan year for all participants, including those who were paid in 2017, 2018, or after, and not otherwise. If the plan year had not begun at all, then the plan would not have qualified if and only if the total amount of retirement plan contributions for the year (before reductions for distributions) exceeded the current year maximum percentage for each year of retirement plan participation.

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