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What does the checkbox mean Elect 10 averaging on Form 1099-R in SureFire Web Version?

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Elect 10 averaging

If this is a total, lump-sum distribution from a qualified plan (other than an IRA or tax-sheltered annuity) and the taxpayer was born before January 2, 1936 (or the taxpayer is the beneficiary of someone born before January 2, 1936), the taxpayer may be eligible for the 10-year tax option. If this applies, select the check box labeled Elect 10 Averaging.

 

When you select this check box, SureFire loads Form 4972, Tax on Lump-Sum Distributions. Complete that form to figure the tax. For more information, open the IRS instructions for Form 4972 by pressing Shift+F1 on Form 4972.

 

Code A in box 7 indicates that the taxpayer may be eligible for the 10-year tax option.

Tags: federal,form