Form 4972 for Franklin Ohio 2024-2025

Form 4972 for Franklin Ohio: What You Should Know

You may only use this form if the distribution was made in a given taxation year (2017–2021). A qualified employee retirement plan is a plan which provides for retirement plans other than individual retirement accounts, such as a 401(k) or a traditional IRA. A lump-sum distribution is a distribution of all or a portion of a qualified amount from an employee retirement plan. A qualified amount includes any qualified plan income, such as all of your wages for all years during the tax year. It also includes an election to be subjected to withholding for a qualified distribution. (See paragraph (7)(b)(i)(A) of Internal Revenue Code section 72(l) and (l), which allows us to take into account an employer's election to pay an employee an annual amount in lieu of wage withholding.) If the distribution exceeds the individual retirement option contribution limit for the plan, the entire distribution must be distributed to your beneficiaries within 60 days. However, if the distribution includes property (other than a life expectancy annuity), the distribution, excluding the property (as long as it is not treated as a dividend), must be distributed within 90 days of the determination that all required contributions have been made on or before the first day of the plan year. If the distribution includes property (other than a life expectancy annuity), the distribution, excluding the property (as long as it is not treated as a dividend), must be distributed within 90 days of the determination that all required contributions have been made on or before the first day of the plan year. If you are eligible for an exemption on your 2025 qualified distribution, you may reduce the amount of the distribution by up to 10% for any qualified distribution made to a Roth IRA within two years, to a 401(k) within one year, or to a qualified annuity within 30 days after the end of the plan year. You also can reduce any non-qualified distribution made during 2025 by 20% (to a maximum of 7,500) when you are eligible to receive a non-qualified lump sum distribution in 2021. For more information on Roth IRA, 401(k), and Qualified Annuity distributions, see section 20.9901-3(a) of Internal Revenue Code section 72(l). If any of the assets of the annuity or annuity contract have been or will be sold, diverted, or otherwise acquired, the sale or diversion must be reported at a sale, diversion, or acquisition.

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