The Bank of America Beneficiary form is an essential document for individuals named as beneficiaries of a Traditional/Roth IRA Plan, facilitating the distribution of assets after the account holder's death. It encompasses detailed sections such as deceased depositor information, beneficiary specifics, distribution instructions, required minimum distribution (RMD) payment instructions, and tax withholding selections. For a seamless experience and to ensure compliance with financial regulations, it is crucial to understand and accurately complete this form.
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The journey to understanding and completing the Bank of America Beneficiary Form can feel like navigating through a dense forest without a map. This particular form is a critical tool utilized by Bank of America, N.A., outlining the necessary steps and information required for beneficiaries of Traditional/Roth IRA Plan holders to rightfully claim and elect how to receive the proceeds of the IRA Plan following the depositor's death. It starts with providing detailed deceased depositor information, a foundational step that requires precision and care. Following this, the form requires beneficiaries to disclose comprehensive personal information, as mandated by the USA PATRIOT ACT, aimed at preventing terrorist activities and illegal money laundering schemes. Furthermore, this form encompasses a variety of distribution options for beneficiaries, ranging from lump sum distributions to more elongated disbursement strategies, such as life expectancy payments or specific term payouts. It urges beneficiaries to consult with tax advisors to make informed decisions, underscoring the critical nature of the distribution instructions section, which must be approached with thoughtful consideration to ensure compliance with IRS requirements and avoid potential financial pitfalls. Additionally, the form delves into tax withholding elections, emphasizing the need for beneficiaries to make a conscious decision regarding the handling of federal, state, and potentially local income tax withholdings to avoid unexpected tax liabilities and penalties. It's purposefully designed to guide beneficiaries through the maze of options and requirements, ensuring they make informed decisions that align with their financial well-being and compliance obligations.
BANK OF AMERICA, N.A. (THE “BANK”)
Traditional/Roth IRA Plan
Beneficiary Distribution Election Form
1. DECEASED DEPOSITOR INFORMATION
Depositor’s Name
Date of Birth
Date of Death
Social Security Number
Plan Number
Plan Type
Traditional IRA Roth IRA
Bank of America, like all financial institutions, is required by the USA PATRIOT ACT to obtain, verify, and record information that identifies each beneficiary of an IRA account with us. When you are a beneficiary of an IRA account with us, we will ask you for your name, address and other information that will allow us to identify you. The information we gather is for your protection and the country’s against terrorist activity and illegal money laundering schemes.
2. BENEFICIARY INFORMATION
Beneficiary Name
Daytime Telephone Number
Physical Street Address, City, State, Zip
Mailing Address (If different)
Country of Citizenship
Country of Residency
Relationship to Depositor
Source of Income:
Employment
Investment
Inheritance
Retirement/Social Security
Employer Name (If Employment Selected)
Occupation (If Employment Selected)
Non U.S. Citizen Required Information
#of Days Present in U.S. This Year
#of Days Present in the U.S. Last Year
#of Days Present in the U.S. During Previous Year
Senior Political Figure and Politically Exposed Persons
Have you or any of your immediate family ever been elected, appointed or assumed any political position in
a National, State, or Provincial government? (Y/N)
If yes, describe the position.
3. DISTRIBUTION INSTRUCTIONS
BANK OF AMERICA RECOMMENDS YOU CONTACT YOUR TAX ADVISOR BEFORE MAKING YOUR ELECTION
A beneficiary of an IRA Plan should elect how to receive the proceeds of the IRA Plan no later than 09/30 of the year following the year of the IRA Plan Depositor’s death. Any separate beneficiary accounts must be established by 12/31 of the year following the IRA Plan Depositor’s death. Available options depend on the age of the IRA Plan Depositor, the relationship of the beneficiary to the IRA Depositor, and the type of IRA Plan.
SELECT ONLY ONE OF THE PAYMENT OPTIONS BELOW.
Lump Sum Distribution I elect to receive my entire portion of the IRA Plan in a single lump sum payment.
Deposit into my Bank of America
Checking
Savings
Life Expectancy
Mail check to the address above.
State
Option A.
I elect to receive my entire portion of the IRA Plan by taking payments over the longer of my own life
Payments
expectancy or the remaining life expectancy of the deceased IRA Plan Depositor.
Always
Specific Amount
I elect to receive my entire portion of the IRA Plan by taking payments of
Available
Specific Term
I elect to receive my entire portion of the IRA Plan by taking payments over
year
5-Year Payout
I elect to receive my entire portion of the IRA Plan by 12/31 of the year containing the 5th anniversary
of the IRA Plan Depositor’s death. (Only available if the deceased IRA Plan Depositor was under the
age of 70½ on the date of death)
Option B.
Spouse Treat as Own
I am the spouse of the deceased IRA Plan Depositor and I elect to treat the assets of the IRA Plan as
my own IRA.
Additional Options
Spousal Exception
I am the spouse of the deceased IRA Plan Depositor and I elect to delay taking distributions until the
for Spouse Only
year my spouse would have reached age 70½. Date:
NOTE: Under both options, additional amounts may be withdrawn at any time.
4. RMD PAYMENT INSTRUCTIONS
You are responsible for taking your annual Required Minimum Distribution (RMD) from the IRA Plan. The Bank will not distribute your RMD unless you give the Bank timely written distribution instructions. The Specific Start Date is limited to any date between January 7th and December 28th. If date selected is a non-business day, the distribution will be processed on the first business day following the date.
Select One:
Monthly
Quarterly
Semi-Annually
Annually
Specific Start Date
Form 00-59-1289NSBW–Version 051712
5. TAX WITHHOLDING ELECTION
Notice of Withholding Election: Distributions you receive from your Individual Retirement Account are subject to Federal income tax withholding and may be subject to State income tax withholding and/or Local income tax withholding based on your state and municipality of residence unless you elect not to have withholding apply.
You are liable for Federal, and applicable State and Local income taxes on the taxable portion of your distribution. If you elect not to have withholding apply to your distribution, or if you do not have enough tax withheld from your distribution, you may be responsible for payment of estimated taxes. You may also incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient.
Withholding Election: You MUST indicate your withholding election below.
Complete if you are providing a U.S. Address:
Federal Withholding:
Important: Please note that if you do not make a withholding election, federal income tax will be automatically withheld from your distribution at a rate of 10%.
Do not withhold federal income tax from my distribution.
Withhold federal income tax from my distribution (check one):
At a rate of 10%
At a rate of
% (must be greater than 10%)
State Withholding:
Important: State withholding may also be required in certain states when you elect federal income tax withholding. North Carolina residents are required to use form NC-4P (Withholding Certificate for Pension or Annuity Payments) for all North Carolina state withholding elections.
The minimum required for the state of
is
.
Do not withhold state income tax from my distribution.
from my distribution at the rate of
%, or amount of $
Withhold state income tax for the state of
Local Withholding:
Important: Local withholding may also be required in certain states.
The minimum required for the municipality of
Do not withhold local income tax from my distribution.
Withhold local income tax for the municipality of
Complete if you are providing a Foreign Address:
Important: If you are a U.S. citizen or a Resident Alien with a foreign address, you may not waive the Federal withholding requirement and you must complete Form W-9. If you are a Non-Resident Alien, all IRA distributions are subject to a tax treaty rate or 30% tax withholding and you must complete Form W-8BEN.
I am a U.S. Citizen or Resident Alien living abroad (check one)
Withhold:
6. BENEFICIARY’S ACKNOWLEDGMENT
I acknowledge that I have read and completed this Form. I further acknowledge that neither the Bank nor its agents or employees have made any representations to me regarding tax or any other effects of my elections/instructions on this Form, and the Bank has advised me to speak to my tax advisor regarding my elections/instructions. I direct the Bank to effect the elections/instructions I have made on this Form and agree that the Bank and its agents and employees have no liability for any action or inaction taken by them in reliance upon such elections/instructions.
BENEFICIARY SIGNATURE (REQUIRED)
DATE
Form 00-59-1289NSBW – Version 042412
Informational Sheet
Complete, sign and send the distribution form:
To your Local Bank of America Banking Center
Or, mail to the following address:
Bank of America, N.A.
Mail code: TX2-979-02-14
P.O. Box 619040
Dallas, TX 75261-9943
Depositor’s Name — Enter the deceased person’s name
Social Security Number — Enter the deceased person’s social security number
Date of Birth — Enter the deceased person’s Date of Birth
Plan Number — Enter the deceased person’s Plan Number that is being processed
Date of Death — Enter the date of death for the account owner (deceased person
Plan type — Select the plan type of the deceased account holder
Beneficiary Name — Enter the name of the beneficiary for the plan identified in the Plan Number section
Social Security Number — Enter the Social Security Number for the beneficiary listed in the Beneficiary Name section. If the beneficiary is an entity, enter the Employer Identification Number (EIN)
Daytime Telephone Number — Enter the best contact number that you can be reach at during the day
Date of Birth — Date of birth for the person listed in the Beneficiary Name section. If the beneficiary is an Entity, please list the Date of Birth for the decedent
Relationship to the Depositor — Example, Daughter, Mother, or Father. If the beneficiary is an Entity please leave this field blank
Physical Street Address, City, State, Zip — Enter the street address for the beneficiary listed in the Beneficiary Name section. Please note: This must be a physical address to comply with the USA Patriot ACT.
Source of Income — Select the appropriate option from the list provided. If the beneficiary is an Entity, please select Inheritance.
Mailing Address — Complete only if different from the Physical Address listed.
Employer Name — List the beneficiary’s current employer
Country of Citizenship — Enter the Country that the Beneficiary is a citizen
Country of Residency — Enter the Country the Beneficiary resides in
Occupation — Enter the Beneficiary’s current occupation or job ONLY if employment was selected as Source of Income
Non U. S. Citizen Required Information
of Days Present in the U.S. This Year — Enter the number of days that the beneficiary has been present in the U. S. for the current year
of Days Present in the U.S. Last Year — Enter the number of days that the beneficiary was in the U.S. during the last calendar year
of Days Present in the U.S. Prior to the Last Year — Enter the number of days that the beneficiary was in the U.S. Prior to the last full calendar year
Senior Political Figure and Politically Exposed Person
Indicate if you should be identified as a senior political figure or politically exposed person. Provide details on the position held or relationship.
Please ensure that you select only one of the payment options from the list. Selecting multiple options can delay the processing of your request.
Option A:
Lump Sum Distribution — Available to all beneficiaries. This option would be a single lump sum payment of the funds directly to the beneficiary
Life Expectancy — Payments would be made over the life expectancy of the beneficiary list in the Beneficiary Name section Specific Amount — Payment amounts would be disbursed as specified by the beneficiary (the beneficiary will be responsible to ensure that their disbursement amount meets IRS requirements)**
Specific Term — Payments will be disbursed over a specified term as elected by the beneficiary (the beneficiary will be responsible to ensure that their disbursement amount meets IRS requirements)**
5-year Payout — Payments will be disbursed by 12/31 of the 5th year post the year of death of the IRA Plan holder**
Option B (Spousal Options):
Spouse Treat as Own — An IRA plan honoring the deceased depositor’s existing IRA Plan terms would be established for the spouse, and the account would be treated as their own.
Spousal Exception — The spouse elects to delay taking distributions until the deceased account holder would have reached 70½
**Under these methods denoted above, additional amounts may be withdrawn at any time.
Please note: If you selected any option except Lump Sum, please ensure Section 4 is completed (if applicable).
The Beneficiary is responsible for taking their annual Required Minimum Distribution (RMD) from the IRA Plan. The Specific Start Date is limited to any date between January 7th and December 28th. If date selected is a non-business day, the distribution will be processed on the first business day following the date.
Please review the options carefully and select the appropriate distribution for the beneficiary.
You MUST indicate your withholding election on the form provided.
Important: State withholding may also be required in certain states when you elect federal income tax withholding. Note that North Carolina residents must use Form NC-4P (Withholding Certificate for Pension or Annuity Payments) to elect or waive North Carolina state withholding.
Complete denoted section if you are providing a Foreign Address:
For additional questions, please contact your local Bank of America Banking Center or our customer service associates are available toll-free at 1.888.827.1812 to answer questions and provide additional information.
Filling out the Bank of America Beneficiary Form for an IRA plan is a crucial step that enables beneficiaries to specify how they wish to receive their inherited assets. This form outlines various election options concerning distribution methods, which vary based on factors such as the beneficiary's relationship to the deceased, their age, and the type of IRA plan. Completing this form accurately is important for ensuring that the distribution process aligns with the beneficiary's financial and tax planning strategies. In addition to distribution elections, beneficiaries are required to provide personal identification details in compliance with the USA PATRIOT Act, further emphasizing the form’s importance in safeguarding against illicit financial activities.
After completing the form, it should be returned to a local Bank of America Banking Center or mailed to the specific address provided. This step finalizes the beneficiary’s election process, facilitating the distribution of IRA Plan proceeds according to the elected method and ensuring compliance with legal and regulatory standards.
Filling out the Bank of America IRA Beneficiary Distribution Election Form requires attention to detail and an understanding of each section:
After carefully reviewing and completing each section, sign and date the form to acknowledge your understanding and elections.
To ensure your chosen distribution method from an IRA Plan meets Internal Revenue Service (IRS) requirements, consider the following guidance:
By taking these steps, you can make an informed decision that complies with IRS requirements and suits your financial planning.
Yes, you have the ability to change your tax withholding election after submitting the form. If you wish to adjust your federal, state, or local tax withholdings on distributions from your IRA Plan, you should contact Bank of America directly. They will provide you with the necessary documentation or instructions to update your withholding preferences. It's important to regularly review and adjust your withholdings as needed to ensure they align with your current tax situation and avoid any potential underpayment penalties.
If you have questions or need further clarification while completing the Bank of America IRA Beneficiary Distribution Election Form, you have several resources:
Making use of these resources can help ensure that the information you provide on the form is accurate and that your distribution elections align with your goals and requirements.
When filling out the Bank of America Beneficiary Distribution Election Form for an IRA plan, attention to detail is crucial. A variety of mistakes can easily occur due to the complexity and specificity of the information required. Here are ten common mistakes to watch out for:
Ensuring all sections are completed correctly and reviewing the form for accuracy can prevent these issues. While the form is comprehensive, taking the time to fill it out correctly ensures that the beneficiary’s election is processed smoothly and according to their wishes.
When handling matters concerning the Bank of America Beneficiary Distribution Election Form, it's not uncommon to work with several other forms and documents to ensure that all financial and estate planning aspects are addressed comprehensively. These forms, each serving a unique purpose, work in tandem to facilitate the smooth transition of assets and compliance with legal and tax requirements.
Together, these documents ensure that the transition of IRA assets is handled smoothly and in accordance with all regulatory requirements. By thoroughly completing and submitting the necessary forms, beneficiaries can manage their inherited assets in a way that aligns with their financial goals and obligations.
401(k) Beneficiary Designation Form: Similar to the IRA Beneficiary Distribution Election Form, this document allows account holders of 401(k) plans to designate beneficiaries who will receive the account's assets upon the account holder's death. Both forms collect beneficiary information and offer options for the distribution of assets, emphasizing compliance with federal regulations.
Life Insurance Policy Beneficiary Designation Form: In the context of life insurance, this form enables policyholders to name individuals or entities as beneficiaries who will receive the policy's proceeds. Like the Bank of America form, it requires beneficiary personal information, underlining the importance of accurately identifying recipients for financial assets upon the policyholder's demise.
Transfer on Death (TOD) Agreement: TOD agreements allow for the direct transfer of securities from a deceased individual's account to named beneficiaries, bypassing probate. They are similar as they both concern the designation of beneficiaries and the posthumous transfer of assets, necessitating clear beneficiary identification to prevent fraud and ensure proper execution.
Pension Plan Beneficiary Designation Form: Used by pension plan participants to name beneficiaries for their pension benefits, this form parallels the IRA Beneficiary form in its focus on ensuring that pensions are paid out according to the participant's wishes after death, including options for spousal beneficiaries similar to those outlined for IRA plans.
POD (Payable on Death) Account Designation Forms: Similar to the IRA Beneficiary form, POD forms allow bank account holders to name beneficiaries for their accounts, ensuring the account's funds directly transfer to the beneficiary upon the account holder’s death, bypassing the probate process.
Will Testament: Although broader in scope, a will testament can specify beneficiaries for various assets, including IRAs. The IRA Beneficiary Distribution Election Form similarly ensures assets are distributed according to the deceased’s wishes. Wills and IRA beneficiary forms both require careful consideration of tax implications and potential legal restrictions.
Trust Fund Documents: Trusts are arrangements where assets are managed by a third party for the benefit of the designated beneficiaries. Like the Bank of America document, trusts involve detailed beneficiary information and specific instructions for asset distribution, with a focus on legal and tax implications.
Advance Medical Directives: While more focused on health care decisions, like IRA beneficiary forms, these documents also deal with future planning and the designation of individuals (though for different purposes) to act on one's behalf, highlighting the importance of preparatory documents in personal affairs.
Power of Attorney (POA) Documents: POAs grant individuals authority to act on behalf of others in financial or health-related matters. Both POA and beneficiary designation forms are preventative measures, ensuring trusted parties can manage important aspects of one’s life and legacy.
Real Estate Deeds with Beneficiary Clauses: Just as with IRAs and other financial accounts, real estate deeds can specify beneficiaries, allowing property to pass to them without the need for probate. These instruments serve similar roles in estate planning, aiming to clearly delineate the passage of assets to designated individuals or entities upon death.
When filling out the Bank of America Beneficiary Form, paying attention to detail and understanding the significance of each section is crucial. Below is a list of dos and don'ts that can guide you through the process:
In conclusion, the importance of completing the Bank of America Beneficiary Form with accuracy cannot be overstated. Take your time, consult professionals as needed, and ensure all information is correct and complete before submission. This diligence will help prevent delays and ensure that your distribution is handled according to your wishes.
When it comes to managing and understanding the Bank of America Beneficiary Distribution Election Form for Traditional/Roth IRA Plans, several misconceptions can lead to confusion. Here’s a clear explanation of the most common misunderstandings:
Understanding these facets of the Bank of America Beneficiary Distribution Election Form can help beneficiaries make more informed decisions and better prepare for the future management of inherited IRA assets.
Filling out and using the Bank of America Beneficiary Form for IRA Accounts involves several key steps and considerations to ensure that the process is completed accurately and complies with regulatory requirements. Here are seven key takeaways:
Completing the Bank of America Beneficiary Form accurately and timely is vital for beneficiaries to manage inherited IRA accounts. Beneficiaries are strongly encouraged to consult with a tax advisor for personalized advice, especially concerning distribution options and tax implications. For further assistance, beneficiaries should not hesitate to reach out to Bank of America directly through their local banking center or customer service channels.
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