Approved through
October 1990 with the revisions to the general instructions that
were transmitted to OMB on NOvember 21, 1989. The Department should
submit a clean copy of the instructions for the OMB docket file
when copy has been prepared for printing. It is our understanding
that the Department, IRS, and OMB will meet early during callendar
year 1990 to discuss the selection of a limited number of forms for
intensive review during 1990 and that Form 4972 will be amon those
considered. You may omit printing the expiration date on this form.
Also, you may continue to use previous versions of this form.
Inventory as of this Action
Requested
Previously Approved
10/31/1990
10/31/1990
10/31/1990
790,000
0
790,000
2,591,200
0
2,164,600
0
0
0
IRC SECTION 402(E) ALLOWS TAXPAYERS TO
COMPUTE A SEPARATE TAX ON A LUMP-SUM DISTRIBUTION FROM A QUALIFIED
RETIREMENT PLAN. FORM 4972 IS USED TO CORRECTLY FIGURE THAT TAX.
THE DATA IS USED TO VERIFY CORRECTNESS OF THE SEPARATE TAX. FORM
4972 IS ALSO USED TO MAKE THE SPECIAL CAPITAL GAIN ELECTION
ATTRIBUTABLE TO PRE-74 PARTICIPATION FROM THE LUMP-SUM
DISTRIBUTION.
On behalf of this Federal agency, I certify that
the collection of information encompassed by this request complies
with 5 CFR 1320.9 and the related provisions of 5 CFR
1320.8(b)(3).
The following is a summary of the topics, regarding
the proposed collection of information, that the certification
covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a
benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control
number;
If you are unable to certify compliance with any of
these provisions, identify the item by leaving the box unchecked
and explain the reason in the Supporting Statement.