Kings New York online Form 4972 2024-2025

Kings New York online Form 4972: What You Should Know

Form 4972 requires that you: • live in New York for the entire year in a household of six or more unrelated persons all of whom were not residents of New York for any portion of the taxable year. • be a United States citizen, a resident alien of the United States, or a qualified alien; • make income tax payments to the New York State Department of Taxation and Finance (DT); • file quarterly returns with tax due; • file timely returns; • meet the estate/family tax exclusion for New York resident aliens for a single beneficiary, or a married couple in which one person is a resident alien or a Qualified Alien; • be eligible for and be an eligible beneficiary of New York State's nonrefundable personal property tax credit, the charitable deduction for New York resident aliens, or the reduced annual nonresident tax (RRN) for New York residence; or • meet other income, estate/family, and tax requirements as shown below. Form 4972 is a separate tax form. Therefore, you will need separate forms on which you report Form 4972 and federal Form 4972. You may need different forms for different years depending on how you qualify. Form IT-230 Separate Tax on Lump-Sum The Form IT-230 Separate Tax on Lump-Sum is a separate Form 5498 from Form 4872. Form 4872 allows you to make lump-sum distributions from certain qualified retirement plan (including 403(b) plans, annuities, or other specified plans) for the tax year to which payment is made. See the Tax Policy page for the Taxpayer Instructions for Form 5498. See the Tax Policy page for the Instructions for Form 5498. Form 4972 Separate Tax on Lump-Sum Distributions — TurboT ax You can estimate and claim the separate tax on lump-sum distributions when you pay taxes on the qualified lump-sum distributions by using the latest version of TurboT ax Self-Assessment. Use the Taxation tab in My TurboT ax for the 2025 taxable year, or click on the button to view the tax payment schedule. If you pay taxes on the year in which you take a distribution from a qualified retirement plan, and you meet the tax requirements, the separate tax is calculated based on the total income tax payments to New York State.

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