IRS Updates Taxpayer Form 4972

October 17, 2006 – The IRS has issued 2006 tax year Form 4972, Tax on Lump-Sum Distributions. This form is used by certain taxpayers born on or before January 1, 1936, to elect the distribution tax treatment known as 10-year averaging, or to elect 20 percent capital gains tax treatment on the pre-1974 portion of a lump sum distribution.  This form may be accessed as follows. http://www.irs.gov/pub/irs-pdf/f4972.pdf