Form 4972-K - Kentucky Tax On Lump-Sum Distributions - 2013
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12013
4972-K
*1300030023*
42A740-S21
K
ENTUCKY
Department of Revenue
T
O
L
-S
D
AX
N
UMP
UM
ISTRIBUTIONS
(From Qualified Plans of Participants
Born Before January 2, 1936)
➤ See federal instructions. ➤ Attach to Form 740, Form 740-NP or Form 741.
Enter name of recipient of distribution.
Social Security or
Federal Identification Number
PART I—Qualifications—An individual who qualifies to file federal Form 4972 qualifies to file Form 4972-K.
1. Are you filing federal Form 4972? ...................................................................................................................................
Yes
No
If “yes,” you are qualified to file Form 4972-K. If “no,” do not complete the rest of this form. See instructions for
Schedule M, line 11 (Form 740-NP, page 4, line 10(b)).
PART II—Excludable Lump-Sum Income—Complete this part after you have completed Schedule P.
2. Enter the amount from Schedule P, line 3 ............................................................................................................. 2
3. Subtract line 2 from $41,110 ................................................................................................................................... 3
41,110.00
4. Enter the amount from line 8(a) plus line 9 ........................................................................................................... 4
5. Enter the lesser of line 3 or line 4 ........................................................................................................................... 5
6. Amount of line 5 to be applied to capital gain distributions. Enter here and on line 8(b) ................................. 6
7. Amount of line 5 to be applied to regular lump-sum distributions. Subtract line 6 from line 5.
Enter here and on line 12 ........................................................................................................................................ 7
PART III—Complete this part only if you chose the 20% federal capital gain election.
8. (a) Capital gain part from Box 3, Form 1099-R ................................................................................................ 8(a)
(b) Enter the exclusion from line 6 ................................................................................................................... 8(b)
(c) Subtract line 8(b) from line 8(a). Enter here and include on Schedule M, line 7
(Form 740-NP, page 4, line 16, Column B or Form 741, Schedule M, line 3) ........................................... 8(c)
PART IV—Complete this part to choose the 10-year option.
9. Ordinary income from Form 1099-R, Box 2a minus Box 3. If you did not complete Part III, enter the
amount from Box 2a of Form 1099-R (taxable amount) (see federal instructions) ............................................ 9
10. Death benefit exclusion for a beneficiary of a plan participant who died before August 21, 1996 .................. 10
11. Subtract line 10 from line 9 (total federal taxable amount) .................................................................................. 11
12. Enter the exclusion from line 7 ............................................................................................................................... 12
13 Subtract line 12 from line 11 (total Kentucky taxable amount) ............................................................................ 13
14. Current actuarial value of annuity, if applicable (from Form 1099-R, Box 8) ...................................................... 14
15. Add lines 13 and 14 (adjusted total taxable amount). If this amount is $70,000 or more, skip lines 16
through 19, and enter this amount on line 20 ....................................................................................................... 15
16. Multiply line 15 by 50% (.50), but do not enter more than $10,000 ..................................16
17. Subtract $20,000 from line 15. Enter difference. If line 15
20,000.00
is $20,000 or less, enter zero ............................................................ 17
4,000.00
18. Multiply line 17 by 20% (.20) .............................................................................................. 18
19. Subtract line 18 from line 16 (minimum distribution allowance) ........................................................................ 19
-4,000.00
20. Subtract line 19 from line 15 ................................................................................................................................... 20
4,000.00
21. Federal estate tax attributable to lump-sum distribution. Do not deduct on Form 740, Form 740-NP or
Form 741 the amount attributable to the ordinary income entered on line 9 (see federal instructions) ......... 21
22. Subtract line 21 from line 20 ................................................................................................................................... 22
4,000.00
If line 14 is blank, skip lines 23 through 25 and go to line 26.
23. Divide line 14 by line 15 and enter the result as a decimal (round to four places) ............................................ 23
24. Multiply line 19 by the decimal amount on line 23 ............................................................................................... 24
25. Subtract line 24 from line 14 ................................................................................................................................... 25
26. Multiply line 22 by 10% (.10) ................................................................................................................................... 26
400.00
27. Tax on amount on line 26. Use the tax rate schedule in the instructions ........................................................... 27
28. Multiply line 27 by 10. If no entry on line 14, skip lines 29 through 31, and
enter this amount on line 32 ................................................................................................................................... 28
29. Multiply line 25 by 10% (.10) ................................................................................................................................... 29
30. Tax on amount on line 29. Use the tax rate schedule in the instructions ........................................................... 30
31. Multiply line 30 by 10............................................................................................................................................... 31
32. Tax on lump-sum distribution. Subtract line 31 from line 28. Enter here and on Form 740, line 13
or Form 741, line 17(b). Form 740-NP, include tax in the amount on Form 740-NP, page 1, line 14.
(multiple recipients, see federal instructions) ....................................................................................................... 32
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