You cannot use 4972 for a partial distribution so either put
it all on the 4972, or none. You might get away with caling
the'Lump Sum" a non-taxable life insurance death benefit
and the remainder a taxable pension, and put the remainder
on the 4972, but I doubt it, and it doesn't look like that's
what you're trying to do, anyway.

ed

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"thetaxdon" <thetaxdon[at]yahoo.com> wrote:

- quote -

Information reported on any 1099 or similar document is
"presumed" to be correct. But, since this is a presumption,
it can be overcome by presenting evidence of a contrary
fact.

IRS supposedly recognizes this but you will have to explain
to them how you came to a different conclusion. Some people
would have you attach the explanation to the return. I,
personally, don't think this is very effective and would
wait for a question from IRS. Either way, however, you
should be prepared to defend you position.

Lanny K. Williams, CPA
Nawarat, Williams & Co., Ltd.
Income Tax Services for Expatriate Americans

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

Don asked:
Dick, I posted this in another tax group and got no
responses. Can I crosspost?

Dick replied:
Don, Crossposting, to me, means more than one newsgroup in
the newsgroup header. You are just reposting to a second
newsgroup. Nobody I know would object to that except when
trolls dot it - and you are NOT a troll.

=========================

I'm trying to determine if part of a distribution reported
on a 1099R qualifies for 10 year averaging. The problem is
there are two components reported on one 1099R. One is a
widows monthly pension amount; the other is a "lump sum
death benefit" that I think qualifies for averaging. The
client qualifies for 10 year averaging.

The plan administrator said the "lump sum" portion qualified
for rollover, and averaging, but they will not reissue the
1099 separating the two elements. The current 1099 has code
4.

The plan description describes the "lump sum" as follows:

The lump sum death benefit is elected by the retiree in
exchange for a small reduction in the monthly pension
amount. The benefit is 12 times the monthly pension amount.

Question: Does this sound like a qualifying "lump sum"?

I'm thinking of reporting the two components separately so I
can get the software to report on f4972. I'm I creating a
problem?

Thanks in advance,

Don in Colorado

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