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NY Form 4972: What You Should Know

The Form 4972 process also is used by many individuals and businesses to transfer tax-exempt retirement accounts to beneficiaries during a transition year. Taxpayers have used Form 4972 for a wide variety of purposes. For example: Individuals may use Form 4972 to report the capital gain on an asset distribution to an IRS-designated person as part of a transition from full tax-filing status to filing status. IRS Form 4972 Individuals may use Form 4972 to report the capital gain on a transition year transfer by an IRA and or a qualified retirement plan. This is the same form required by the Tax On Lump-Sum Distributions — Tax Court Individuals with special circumstances may use Form 4972 to pay off a Roth IRA in a tax-filing year while continuing to qualify for the 20% capital gain election, and to continue to pay the tax on all distributions from an IRA in the same tax-filing year. In the cases described above, you are generally required to file a Form 8802 when filing a Form 2555. Do not file a Form 8802 when filing a Form 2555.

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