10 year averaging, Federal income tax

Edwards Finance > Loans

Q. Can you give general rules for when 10 year averaging of a lump-sum retirement distribution is advantageous? For example, when other income is small (say $20K) and the lump-sum is large (say $500k), or when other income is large (say $100K) and the lump-sum is smaller (say $50k). I tried to use TurboTax to do "what-ifs", but for some unknown reason I can not get it to transfer information from Form 1099-R to Form 4972.

A. -First I have to ask, are you actually eligible to use 10 year averaging? Did you fully read the instructions for form 4972? Assuming you are, then the next problem is why Turbo Tax isn't allowing the information from the 1099-R to the 4972. T

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