Form 4970 Tax on Accumulation Distribution of Trusts

Form

Tax on Accumulation Distribution of Trusts

4970

 Attach

Department of the Treasury
Internal Revenue Service

Name(s) as shown on return

C

Name and address of trust

E

Type of trust (see instructions)
Domestic

Part I
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2009

to beneficiary’s tax return.

 See

A

OMB No. 1545-0192

Attachment
Sequence No. 73

instructions on back.

B Social security number

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D Employer identification number

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Beneficiary’s date of birth

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Enter number of trusts from which you received accumulation
distributions in this tax year

Foreign

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Average Income and Determination of Computation Years

Amount of current distribution that is considered distributed in earlier tax years (from Schedule J
(Form 1041), line 37, column (a)) . . . . . . . . . . . . . . . . . . . . . . .
Distributions of income accumulated before you were born or reached age 21 . . . . . . . .
Subtract line 2 from line 1 . . . . . . . . . . . . . . . . . . . . . . . . .
Taxes imposed on the trust on amounts from line 3 (from Schedule J (Form 1041), line 37, column (b)) .
Total (add lines 3 and 4) . . . . . . . . . . . . . . . . . . . . . . . . . .
Tax-exempt interest included on line 5 (from Schedule J (Form 1041), line 37, column (c)) . . . .
Taxable part of line 5 (subtract line 6 from line 5) . . . . . . . . . . . . . . . . . .
Number of trust’s earlier tax years in which amounts on line 7 are considered distributed . . . .
9
Average annual amount considered distributed (divide line 3 by line 8) . . .
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Multiply line 9 by .25 . . . . . . . . . . . . . . . . . . .
Number of earlier tax years to be taken into account (see instructions) . . . . . . . . . . .
Average amount for recomputing tax (divide line 7 by line 11). Enter here and in each column on line 15
(a) 2008
(b) 2007
(c) 2006
(d) 2005
Enter your taxable income before

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(e) 2004

this
distribution
for
the
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immediately preceding tax years.

Part II

Tax Attributable to the Accumulation Distribution
(a)

14 Enter the amounts from line 13, eliminating the highest and lowest
taxable income years . . . . . . . . . . . . . . .

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15 Enter amount from line 12 in each column .

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16 Recomputed taxable income (add lines 14 and 15) .

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17 Income tax on amounts on line 16

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18 Income tax before credits on line 14 income .

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19 Additional tax before credits (subtract line 18 from line 17)

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20 Tax credit adjustment

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21 Subtract line 20 from line 19

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22 Alternative minimum tax adjustments

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Combine lines 21 and 22 . . . . . . . . . . . . . .
Add columns (a), (b), and (c), line 23 . . . . . . . . . . . . .
Divide the line 24 amount by 3 . . . . . . . . . . . . . .
Multiply the amount on line 25 by the number of years on line 11 . . .
Enter the amount from line 4 . . . . . . . . . . . . . . .
Partial tax attributable to the accumulation distribution (subtract line
enter -0-) . . . . . . . . . . . . . . . . . . . . .

For Paperwork Reduction Act Notice, see back of form.

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from
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(b)

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26) (If zero
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Cat. No. 13180V

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or
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(c)

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less,
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Form

4970

(2009)