Form SC4972 Tax on Lump-Sum Distributions From Qualified Retirement Plans - 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 for reporting lump-sum distributions from qualified retirement plans in South Carolina.

Q: What is a lump-sum distribution?A: A lump-sum distribution refers to the full or partial withdrawal of the balance in a qualified retirement plan.

Q: Is Form SC4972 specific to South Carolina?A: Yes, Form SC4972 is specific to South Carolina and is used to report tax on lump-sum distributions in the state.

Q: Who needs to file Form SC4972?A: Individuals who receive a lump-sum distribution from a qualified retirement plan in South Carolina need to file Form SC4972.

Q: What information is required on Form SC4972?A: Form SC4972 requires information such as the taxpayer's name, address, Social Security number, distribution amount, and other details related to the retirement plan.

Q: Is there a deadline for filing Form SC4972?A: Yes, Form SC4972 must be filed by the due date of the taxpayer's South Carolina income tax return, which is usually April 15th.

Q: What happens if Form SC4972 is not filed?A: Failure to file Form SC4972 or reporting incorrect information may result in penalties or additional taxes owed.

Q: Is the tax on lump-sum distributions in South Carolina the same as federal tax?A: No, the tax on lump-sum distributions in South Carolina may be different from federal tax. Form SC4972 is used to calculate the state-specific tax.