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How to complete Form 4972 in Lacerte

SOLVEDby Intuit3Updated July 24, 2023

This article will help you generate Form 4972, tax on lump-sum distributions from qualified plans of participants born before January 2, 1936. This form is usually required when:

  • The 1099-R plan participant was born before 1/2/1936, and
  • Your client gets a payment of the plan participant's entire balance.

See the IRS Instructions for Form 4792 for all of the limitations on what's considered a qualified distribution for this form.

Follow these steps to generate Form 4972 in the program:

  1. Go to Screen 13.1, Pensions, IRAs (1099-R).
  2. In the Form 1099-R  section, make sure you've entered boxes 1-11 accurately. 
  3. Scroll down to the Form 4972 section.
  4. Check the box for Lump-sum distribution (4972).
  5. Enter any other information that applies.

Lacerte will use you entries to calculate Form 4972 and choose the election or option that results in the lowest tax. 

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