Form 4972---Tax on Lump-Sum Distributions (From Qualified Retirement Plans of Plan Participants Born Before 1936)

ICR 201210-1545-002

OMB: 1545-0193

Federal Form Document

ICR Details
1545-0193 201210-1545-002
Historical Active 200909-1545-034
TREAS/IRS EC-1545-0193-002
Form 4972---Tax on Lump-Sum Distributions (From Qualified Retirement Plans of Plan Participants Born Before 1936)
Revision of a currently approved collection   No
Regular
Approved without change 03/05/2013
Retrieve Notice of Action (NOA) 10/25/2012
  Inventory as of this Action Requested Previously Approved
03/31/2016 36 Months From Approved 03/31/2013
13,922 0 21,709
61,257 0 95,520
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 the correctness of the separate tax. Form 4972 is also used to make the special 20% capital gain election attributable to pre-1974 participation from the lump-sum distribution.

US Code: 26 USC 402 Name of Law: Taxability of beneficiary of employees' trust
  
None

Not associated with rulemaking

  77 FR 25783 05/01/2012
77 FR 65052 10/24/2012
No

1
IC Title Form No. Form Name
Tax on Lump-Sum Distributions (From Qualified Retirement Plans of Plan Participants Born Before 1936) 4972 Tax on Lump-Sum Distributions

  Total Approved Previously Approved Change Due to New Statute Change Due to Agency Discretion Change Due to Adjustment in Estimate Change Due to Potential Violation of the PRA
Annual Number of Responses 13,922 21,709 0 0 -7,787 0
Annual Time Burden (Hours) 61,257 95,520 0 0 -34,263 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No
The decrease in paperwork burden previously approved by OMB is due to adjustment to agency estimated number of responses/filers. The previous 2 renewals were based on the number of responses/filers who filed forms 4972 in 2003. The current estimate is based on the average number of responses/filers who filed form 4972 over the past 7 years.

$70,717
No
No
No
No
No
Uncollected
Gregg Lynam 202 622-4056

  No

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.
10/25/2012


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