The Bank of America Beneficiary Form is a crucial document for individuals who are beneficiaries of a Traditional or Roth IRA plan held by the bank. It dictates the distribution of the plan's proceeds following the death of the IRA plan depositor, requiring beneficiaries to provide detailed personal and financial information to comply with regulations, including the USA PATRIOT ACT. Ensuring this form is filled out accurately is essential for the timely and efficient reception of designated funds.
For a secure future and to uphold your rights as a beneficiary, click the button below to fill out the Bank of America Beneficiary Form.
Confronting the aftermath of a loved one's death can be emotionally taxing, and dealing with the financial and legal aspects can add to the burden. Among these responsibilities is handling the deceased's financial affairs, particularly pertaining to Individual Retirement Accounts (IRAs). The Bank of America Beneficiary Distribution Election Form serves as a critical tool for beneficiaries of Traditional/Roth IRA plans held at Bank of America, N.A. ("the Bank"). This comprehensive form is designed to guide beneficiaries through the process of electing how to receive the proceeds of the IRA plan, adhering to various stipulations outlined by the Bank and under the scrutiny of the USA PATRIOT Act, which mandates the collection of detailed information to identify each beneficiary. Beyond basic personal details of both the depositor and the beneficiary, the form delves into distribution instructions, offering options that range from lump-sum payments to annuitized distributions based on life expectancy, and specific terms tailored to meet the Internal Revenue Service (IRS) requirements. Moreover, it touches on the critical aspects of Required Minimum Distributions (RMDs) and tax withholding elections to ensure compliance with federal, state, and local tax obligations. Intended to safeguard against terrorist activity and illegal money laundering, the information collected is also aimed at protecting beneficiaries. It emphasizes the necessity of consulting with a tax advisor to navigate the complex implications of the election made. This form not only facilitates the transfer of assets in a manner compliant with regulatory requirements but also underscores the Bank's commitment to providing beneficiaries with the information needed to make informed decisions during a challenging time.
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.
After the death of an IRA plan depositor, beneficiaries are tasked with deciding how to receive the proceeds from the IRA plan. The Bank of America Beneficiary Distribution Election Form facilitates this process, guiding beneficiaries through selections ranging from lump sum distributions to various forms of payment plans, in addition to handling tax withholding elections. Completing this form accurately is crucial for ensuring the beneficiary's intentions are met and that the distribution complies with regulatory requirements. The following steps are designed to assist beneficiaries in filling out the form properly and to ensure a smooth transition during this critical time.
To complete the process, submit the signed form to your local Bank of America Banking Center or mail it to the provided address. Ensure to contact your tax advisor before making an election to understand the tax implications fully. Timeliness in processing this form is also crucial as specific deadlines apply2. If you have any questions or require further assistance, Bank of America customer service is available to help guide you through this process.
What is the Bank of America Beneficiary Distribution Election Form?
This form allows beneficiaries of a Traditional or Roth IRA plan with Bank of America to choose how they wish to receive the proceeds of the IRA Plan after the death of the account holder. It provides options for lump-sum distributions, life expectancy payments, specific amounts, or terms, and includes important information for tax withholding elections and Required Minimum Distributions (RMD).
When must a beneficiary make an election on how to receive the IRA proceeds?
The election should be made no later than September 30th of the year following the year of the IRA Plan Depositor's death. It is crucial for managing the account according to federal regulations and for tax purposes.
Are there specific distribution options available to spouses?
Yes, there are specific options available to spouses of the deceased account holder. A spouse can either treat the IRA assets as their own or elect to delay taking distributions until the deceased would have reached age 70½. These options provide flexibility for surviving spouses in planning their finances.
How does one handle Required Minimum Distributions (RMD) from an inherited IRA Plan?
The beneficiary is responsible for taking annual RMDs from the IRA Plan. The distribution instructions section of the form allows the beneficiary to specify how often and when they wish to receive these distributions to ensure compliance with IRS regulations.
What information is required for tax withholding elections?
The form requires beneficiaries to make elections regarding federal, and if applicable, state and local income tax withholdings from their distributions. This includes deciding whether taxes should be withheld and at what rate. Not making an election will result in automatic withholding of federal income tax at a rate of 10%.
What should non-U.S. citizens know about tax withholding?
Non-U.S. Citizens or Resident Aliens must complete Form W-8BEN for IRA distributions, as they are subject to tax treaty rates or a 30% tax withholding. This ensures compliance with U.S. tax laws for individuals living outside the United States.
How can a beneficiary acknowledge and submit their decisions?
The beneficiary must read, complete, and sign the acknowledgment section at the end of the form, indicating that they understand their elections and their tax implications. The completed form can then be submitted to Bank of America via mail or delivered to a local banking center for processing.
Filling out a Bank of America Beneficiary Form accurately is crucial to ensure that IRA plan distributions proceed smoothly. However, mistakes can happen. Here are seven common errors individuals make when completing this form:
Avoiding these mistakes can greatly streamline the process of distributing an IRA plan’s proceeds according to the beneficiary’s wishes.
When a loved one passes away, handling their financial matters is an important step in settling their estate. If the deceased had an Individual Retirement Account (IRA) at Bank of America, the beneficiaries would need to complete a Beneficiary Distribution Election Form. However, this form is just one piece of the puzzle. To ensure a smooth transition of assets and compliance with legal and tax obligations, several other forms and documents are often required in conjunction with the Beneficiary Distribution Election Form.
Each of these documents plays a vital role in ensuring the beneficiary distribution process is handled correctly and in accordance with all legal and regulatory requirements. Beneficiaries may find it helpful to consult with a financial advisor or estate planning attorney to navigate the process efficiently and make informed decisions about their inherited assets.
Transfer on Death (TOD) Agreement: Similar to the Bank of America Beneficiary Form, a TOD agreement allows account holders at financial institutions to designate beneficiaries who will receive the assets in the account upon the death of the account holder, bypassing the probate process. Both forms require the designation of beneficiaries and stipulate the distribution of assets posthumously.
Life Insurance Policy: This form also designates beneficiaries, much like the Bank of America Beneficiary Form. In both cases, the identified individuals or entities will receive assets upon the death of the person who has made the arrangements, providing financial support or inheritance without the need for probate court proceedings.
Will: While broader in scope, a will is akin to the Bank of America Beneficiary Form in that it specifies how assets should be distributed after death. However, a will can encompass a wider range of properties and directives, including those not held in financial accounts, and typically requires probate to execute.
Retirement Account Designation Forms: Similar forms are used for designating beneficiaries for other types of retirement accounts, such as 401(k)s or pensions. These forms, like Bank of America's, determine who receives the account's contents after death, ensuring the assets help support the beneficiaries as intended.
Payable on Death (POD) Bank Account Forms: Pod accounts are very similar to the Beneficiary Distribution Election Form in that they both allow for assets to be passed directly to beneficiaries upon death. This simplifies the process by avoiding probate court for these specific assets.
Stock Certificates with Beneficiary Designations: Some stocks can be registered with a beneficiary designation, mirroring the intent behind Bank of America's IRA beneficiary form. Upon the shareholder's death, these stocks are transferred directly to the named beneficiary.
Grant Deed with Life Estate: While real estate focused, this document outlines a beneficiary who will inherit property after the original owner's death, resembling the beneficiary designation aspect of the Bank of America form. The life estate holder maintains use of the property for their lifetime, after which it passes to the named beneficiary.
Trust Documents: Trusts designate beneficiaries for various assets much like the Bank of America form but are more flexible and encompassing. They allow for detailed directives regarding when and how assets are distributed, offering control over wealth beyond the account holder's lifetime.
When completing the Bank of America Beneficiary Distribution Election Form, there are specific actions you should take to ensure the process is smooth and your instructions are clear. Consider the following list of dos and don'ts:
Following these guidelines will help ensure that your Beneficiary Distribution Election Form is processed efficiently and accurately, aligning with your preferences and the deceased depositor's intentions.
Many people have misconceptions about the Bank of America Beneficiary Distribution Election Form for Traditional/Roth IRA Plans. Clearing up these misunderstandings is essential for beneficiaries making informed decisions. Here are seven common misconceptions:
Understanding these aspects of the Bank of America Beneficiary Distribution Election Form is critical for beneficiaries to navigate their choices effectively. Whenever in doubt, it's advisable to consult with a tax advisor or the bank directly for personalized advice.
Filling out and using the Bank of America Beneficiary Distribution Election Form is an important process that necessitates accuracy and understanding of the options available. The following key takeaways offer guidance to navigate this crucial undertaking efficiently:
Throughout the process, the beneficiary must make informed decisions while ensuring compliance with legal and tax obligations. Seeking the advice of a professional tax advisor is recommended to navigate the nuances of IRA beneficiary distribution efficiently.
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