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

ICR 202203-1545-023

OMB: 1545-0193

Federal Form Document

Forms and Documents
ICR Details
1545-0193 202203-1545-023
Received in OIRA 201904-1545-016
TREAS/IRS Ready for Treasury
Form 4972---Tax on Lump-Sum Distributions (From Qualified Retirement Plans of Plan Participants Born Before 1936)
Extension without change of a currently approved collection   No
Regular 07/29/2022
  Requested Previously Approved
36 Months From Approved 07/31/2022
5,601 17,720
24,644 77,968
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
   US Code: 26 USC 403 (b) Name of Law: Miscellaneous Provisions
  
None

Not associated with rulemaking

  87 FR 21701 04/12/2022
87 FR 45423 07/28/2022
No

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

  Total Request 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 5,601 17,720 0 0 -12,119 0
Annual Time Burden (Hours) 24,644 77,968 0 0 -53,324 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No
The change in burden previously approved by OMB, resulted from an adjustment to estimates made by the Department based on the most current filing data. The number of responses decreased by (12,119) and burden hours by (53,324).

$79,900
No
    Yes
    Yes
No
No
No
No
Shameeka Brown 240 613-5750

  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.
07/29/2022


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