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Kentucky Kentucky Tax on Lump-Sum Distributions
Extracted from PDF file 2023-kentucky-form-4972-k.pdf, last modified September 2023Kentucky Tax on Lump-Sum Distributions
FORM 4972-K KENTUCKY TAX ON LUMP-SUM DISTRIBUTIONS (From Qualified Plans of Participants Born Before January 2, 1936) Commonwealth of Kentucky Department of Revenue Enclose with Form 740, Form 740-NP or Form 741. Enter name of recipient of distribution. 2023 See federal instructions. 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 9 (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............................................................................................................... 3 Subtract line 2 from $31,110................................................................................................................................... 4 Enter the amount from line 8(a) plus line 9............................................................................................................. 5 Enter the lesser of line 3 or line 4........................................................................................................................... 6 Amount of line 5 to be applied to capital gain distributions. Enter here and on line 8(b)........................................ 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....................................................................................................................................... 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.................................................................................................... b Enter the exclusion from line 6........................................................................................................................ c Subtract line 8(b) from line 8(a). Enter here and include on Schedule M, line 5 (Form 740-NP, page 4, line 16, Column B or Form 741, Schedule M, line 3)................................................. PART IV—Complete this part to choose the 10-year option. 9 Ordinary income from Form 1099-R, Box 2(a) minus Box 3. If you did not complete Part III, enter the amount from Box 2(a) of Form 1099-R (taxable amount) (see federal instructions).............................................. 10 Death benefit exclusion for a beneficiary of a plan participant who died before August 21, 1996.......................... 11 Subtract line 10 from line 9 (total federal taxable amount)..................................................................................... 12 Enter the exclusion from line 7............................................................................................................................... 13 Subtract line 12 from line 11 (total Kentucky taxable amount)................................................................................ 14 Current actuarial value of annuity, if applicable (from Form 1099-R, Box 8).......................................................... 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......................................................................................................... 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 is $20,000 or less, enter zero.......................................................... 17 00 18 Multiply line 17 by 20% (.20)................................................................................................ 18 19 Subtract line 18 from line 16 (minimum distribution allowance).............................................................................. 20 Subtract line 19 from line 15................................................................................................................................... 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).................. 22 Subtract line 21 from line 20................................................................................................................................... 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)................................................. 24 Multiply line 19 by the decimal amount on line 23.................................................................................................. 25 Subtract line 24 from line 14................................................................................................................................... 26 Multiply line 22 by 10% (.10)................................................................................................................................... 27 Tax on amount on line 26. Multiply line 26 by 4.5% (.045)..................................................................................... 28 Multiply line 27 by 10. If no entry on line 14, skip lines 29 through 31, and enter this amount on line 32................................................................................................................................... 29 Multiply line 25 by 10% (.10)................................................................................................................................... 30 Tax on amount on line 29. Multiply line 29 by 4.5% (.045)..................................................................................... 31 Multiply line 30 by 10.............................................................................................................................................. 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).......................................................................................................... 230023 42A740-S21 (10-23) 2 3 4 5 6 00 00 00 00 00 7 00 8a 8b 00 00 8c 00 9 10 11 12 13 14 00 00 00 00 00 00 15 00 00 00 19 20 00 00 21 22 00 00 23 24 25 26 27 00 00 00 00 28 29 30 31 00 00 00 00 32 00 Page 1 of 1
Form 4972-K
More about the Kentucky Form 4972-K Individual Income Tax TY 2023
We last updated the Kentucky Tax on Lump-Sum Distributions in February 2024, so this is the latest version of Form 4972-K, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form 4972-K directly from TaxFormFinder. You can print other Kentucky tax forms here.
Other Kentucky Individual Income Tax Forms:
TaxFormFinder has an additional 129 Kentucky income tax forms that you may need, plus all federal income tax forms.
| Form Code | Form Name |
|---|---|
| Form 740 | Kentucky Individual Income Tax Return |
| Income Tax Instructions | Form 740 Individual Full Year Resident Income Tax Instructions Packet |
| Schedule M (740) | Kentucky Federal Adjusted Gross Income Modifications |
| Form 740-ES | Estimated Income Tax Return |
| Schedule KW-2 | Kentucky Income Tax Withheld |
View all 130 Kentucky Income Tax Forms
Form Sources:
Kentucky usually releases forms for the current tax year between January and April. We last updated Kentucky Form 4972-K from the Department of Revenue in February 2024.
About the Individual Income Tax
The IRS and most states collect a personal income tax, which is paid throughout the year via tax withholding or estimated income tax payments.
Most taxpayers are required to file a yearly income tax return in April to both the Internal Revenue Service and their state's revenue department, which will result in either a tax refund of excess withheld income or a tax payment if the withholding does not cover the taxpayer's entire liability. Every taxpayer's situation is different - please consult a CPA or licensed tax preparer to ensure that you are filing the correct tax forms!
Historical Past-Year Versions of Kentucky Form 4972-K
We have a total of eleven past-year versions of Form 4972-K in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
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