Form SC4972 Tax on Lump-Sum Distributions - South Carolina

What Is Form SC4972?

This is a legal form that was released by the South Carolina Department of Revenue - a government authority operating within South Carolina. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is Form SC4972?
A: Form SC4972 is a tax form used in South Carolina to report and calculate tax on lump-sum distributions.

Q: What are lump-sum distributions?
A: Lump-sum distributions are payments received in a single tax year from a qualified retirement plan or IRA.

Q: Who needs to file Form SC4972?
A: Residents of South Carolina who received a lump-sum distribution from a qualified retirement plan or IRA need to file Form SC4972.

Q: What information is required to complete Form SC4972?
A: You will need to provide information about the distribution, such as the total amount received, the distribution code, and any applicable rollovers.

Q: What is the purpose of Form SC4972?
A: The form is used to calculate the tax owed on the lump-sum distribution in South Carolina.

Q: When is Form SC4972 due?
A: Form SC4972 is due on or before April 15th of the following tax year.

Q: Is Form SC4972 required for federal tax purposes?
A: No, Form SC4972 is specific to South Carolina state tax purposes and is not required for federal tax purposes.

Q: Are there any special considerations or exemptions for Form SC4972?
A: Yes, there may be certain exemptions or exclusions available for taxpayers who qualify, such as those receiving distributions due to disability or death.