February 9, 2012 11:40 am

IRS Releases New App

The IRS released IRS2Go 2.0, which is an expanded version of its smartphone application. The new app works on both the iPhone and Android platforms. It enables taxpayers to check the status of their federal tax refund, get tax updates, and follow the IRS Twitter newsfeed @IRSnews. The new version also enables taxpayers to view YouTube, get the latest news releases, and order tax return transcripts. The app is free.

Source: IR-2012-16

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Tax Glossary

Lump-sum distribution

Payments within one tax year of the entire amount due to a participant in a qualified retirement plan. Qualifying lump sums may be directly rolled over tax free, or, in some cases, are eligible for current tax under a favorable averaging method.

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