Form 4972 for Queens New York 2024-2025

Form 4972 for Queens New York: What You Should Know

A Form 4972 should be filed with your 1099-B electronically on or before that date. After this date, you have to file a paper Form 4972 electronically to avoid any penalties. The Form 4972 is effective for distributions made on or after the date it is received by the IRS. For distributions made before, the Form 4972 is effective for distributions made after the date it is received by the IRS. New York law prohibits the IRS from taxing distributions until after the date it is received by the IRS. In practice, this can delay the time you have to pay a tax due. The IRS is now offering a new way to file Form 4972 that does not cause taxes to be imposed after receiving it, but at the same time, avoids imposing IRS penalties for late filing of the Form 4972. It is called the Deadline Relief for Hurricane Katrina and Rita Victims in New York. This program allows the taxpayer to avoid additional penalties for late filing of Form 4972. Deadline Relief is available only to taxpayers in New York who made qualified distributions from qualified plans to Hurricane Katrina and Rita victims on or after April 1, 2010. The deadlines for filing Form 4972 are the same as those for filing Form 1099-B. Please see the latest instructions and FAQs for more information. Note: Effective November 1, 2017, any tax imposed on a distribution is subject to an extended payment deadline of October 9, 2018. For more details about deadline relief programs, please see Instructions for New York State Tax on Lump-Sum Distributions Part I. Complete Part 2 for Form 4972, Capital Gains and Losses, to determine the tax due using Schedule B. Instructions for NY State Tax on Lump-Sum Distributions Part II. Complete Part 3 for Form 4972, Capital Gains Tax For Gains and Losses, to see if you can use Form 4972. Part III. Complete part 4 for Form 4972, Capital Gains Tax For Gains and Losses, to compute tax. Step 1 — Capital Gains And Losses Capital gains distributions are taxable to the same extent as a capital gain on the sale or exchange of an interest in capital property which occurred on or before June 12, 2013.

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