Tax on Accumulation Distribution of Trusts

Tax on Accumulation Distribution of Trusts OMB No. 1545-0192 Form 4970 Department of the Tteasuy Internal Revenue Service A Name4s) as shown on retton B Social security number C Name and address of trust O Employer Identification number E Type of trust (see instructions) K Domestic K Fcteign F Beneficiary's date of bit 6 Enter the number of trusts from which you received accumulabon distributions in this tax year . . . . ► ► Attach to beneficiary's tax return. ► Go to wwwirs.gov/Forrn4.970 for the latest information. 2©17 Attachment Sequence No. 178 Part I Average Income and Determination of Computation Years 1 Amount of current distribution that is considered distributed in earlier tax years (from Schedule J (Form 1041). line 37. column (a)) 2 Distributions of income accumulated before you were born or reached age 21 3 Subtract line 2 from line 1 4 Taxes imposed on the trust on amounts from line 3 (from Schedule J (Form 1041). line 37, column (b)) 5 Total (add lines 3 and 4) 6 Tax-exempt interest included on line 5 (from Schedule J (Form 1041), line 37. column (c)) 7 Taxable part of line 5 (subtract line 6 from line 5) 8 Number of trust's earlier tax years in which amounts on line 7 are considered distributed 9 Average annual amount considered distributed (divide line 3 by line 8) . . . 9 10 Multiply line 9 by 25% (0.25) 10 11 Number of earlier tax years to be taken into account (see instructions) 12 Average amount for recomputing tax divide line 7 by line 11). Enter here and in each column on line 15 13 Enter your taxable income before (a) 2016 (b) 2015 this distribution for the 5 immediately preceding tax years. Part II 1 2 3 4 5 6 7 8 11 12 (c) 2014 (d) 2013 (e) 2012 Tax Attributable to the Accumulation Distribution (a) (b) (c) 14 Enter the amounts from line 13, eliminating the highest and lowest taxable income years 14 15 Enter amount from line 12 in each column 15 16 Recomputed taxable income (add lines 14 and 15) 16 17 Income tax on amounts on line 16 17 18 Income tax before credits on line 14 income 18 19 Additional tax before credits (subtract line 18 from line 17) . . 19 20 Tax credit adjustment 20 21 Subtract line 20 from line 19 21 22 Alternative minimum tax adjustments 22 23 Combine lines 21 and 22 23 24 Add columns (a), (b), and (c), line 23 24 25 Divide the line 24 amount by 3 0 25 26 Multiply the amount on line 25 by the number of years on line 11 26 27 Enter the amount from line 4 27 28 Partial tax attributable to the accumulation distribution (subtract line 27 from line 26) (If zero or less, enter -0-) 28 For Paperwork Reduction Act Notice, see the Instructions. Form 4970 (2017) EFTA01222726