Tax Information

What are the tax ramifications of this distribution?

If you received a distribution of $600 or more, negotiate the payment, and are not a C Corporation or other tax exempt status, you may receive an IRS form 1099-MISC, and this will be reported as income to the IRS.

Tax Forms will be mailed on or before the end of January for the applicable tax year.

You should consult with your financial advisor or tax professional to determine the appropriate tax treatment for your situation.

Distribution payments less than $600 will not receive a tax form and will not be reported to the IRS.

NOTE: PLEASE CONSULT YOUR TAX ADVISOR WITH RESPECT TO THE SPECIFIC TAX CONSEQUENCES OF THE DISTRIBUTION, INCLUDING THE EFFECTS OF U.S. FEDERAL, STATE, LOCAL AND NON-U.S. TAX RULES AND THE EFFECT OF POSSIBLE CHANGES IN LAWS.

Additional information on the possible tax treatment of this distribution is available on the IRS website: www.irs.gov.

For additional questions related to your payment, re-issuing payments to or from IRA accounts, or if you are the beneficiary of a payment made to a deceased shareholder, please Contact Us for further information.

Reissue Forms

Reissue IRA to Individual Form: For use by individuals who received a check written to their IRA and no longer maintain an IRA.

Reissue IRA to Beneficiary Form: For use by beneficiaries or guardians who received a check written to an individual's IRA and it should be reissued to the beneficiary or guardian.

Abandoned Plan Affidavit Form: For use by individuals who received a check as part of a Retirement Plan or a Defined Benefit Plan and the Plan or employer no longer exists.

As always, you should consult your financial advisor or tax professional to determine the potential tax consequences and appropriate tax treatment for your situation.