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44. IOWA LUMP-SUM TAX.

A lump-sum distribution occurs when in one tax year you receive the total balance from the pension or profit-sharing plan of an employer due to termination of employment, termination of the plan, or death of the employee.

If IRS form 4972 was used to compute the tax on any portion of the lump-sum distribution, enter 25% of the Federal tax from IRS 4972 on line 44 of the IA 1040. Attach IRS form 4972.

NONRESIDENTS AND PART-YEAR RESIDENTS: If a lump-sum distribution reported on Federal form 4972 was received while an Iowa resident or as a result of Iowa earnings, 25% of the Federal tax from form 4972 must be entered on line 44. Nonresidents receiving lump-sum distributions due to documented retirement or death of an annuitant are not subject to Iowa lump-sum tax. A copy of the Federal form 4972 must be attached.

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