Payable On Death Bank Of America Details

Bank of America is one of the largest banks in the United States. They offer a variety of services, including checking and savings accounts, mortgages, and loans. In this blog post, we're going to go over how to fill out the Bank of America form. This form is used to open a new account or to request a change to an existing account.

We have collected some interesting details about the bank of america form. This site will give you information about the form's length, finalization time, and the areas you're required to fill.

QuestionAnswer
Form NameBank Of America Form
Form Length4 pages
Fillable?Yes
Fillable fields81
Avg. time to fill out17 min 16 sec
Other namesbeneficiary distruibution form ira, boa beneficiary, bank of america letter of instruction pdf, bank of america payable on death form

Form Preview Example

BANK OF AMERICA, NA (The “BANK”)

Tradditional/Roth IRA Plan Beneficiary Distrribution Election Form

1. DECEASED DEPOSITOR INFORMATIION

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 thhat 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

 

Date of Birth

 

 

 

 

 

 

Physical Street Address, City, State, Zip

Mailing Address (If different)

Social Security Number

Relationship to Depositor

Source of Income:

Employment

Investment

 

Inheritance

Retirement/Social Security

 

 

 

Employer Name (If Emplooyment Selected)

Country of Citizenship

Couuntry of Residency

Occupation (If Employmennt 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

3. DISTRIBUTION INSTRUCTIONS

BANK OF AMERICA RECOMMENDS YOU CONTACT YOUR TAX ADVISOR BEFORE MAKINNG 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 establishedd 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 ONNLY ONE OF THE PAYMENT OPTIONS BELOW.

 

Lump Sum Distribution

I elect to receive my entire portion of the IRA Plan in a single lump suum payment.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposit into my Bank of America

Checking

Savings #________________________/___________

 

 

Mail check to the address above.

 

 

 

 

 

 

State Opened

Option A.

Life Expectancy Payments

I elect to receive my entire portion of the IRA Plan by taking payments over the longer of my own life

expectancy or the remaining life expectancy of the deceased IRA Plan Depositor.

 

 

Always

 

 

 

Specific Amount

 

 

 

 

 

 

 

 

 

Available

I elect to receive my entire portion of the IRA Plan by taking payments of $

 

 

 

.

Specific Term

 

 

 

 

I elect to receive my entire portion of the IRA Plan by taking payments over

 

year(s).

 

5-Year Payout

I elect to receive my entire portion of the IRA Plan by 12/31 of the yeaar 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 for

 

 

 

 

 

 

 

 

 

Spousal Exception

I am the spouse of the deceased IRA Plan Depositor and I elect to delaay taking distributions until the year my

Spouse Only

 

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:

Select One:

Monthly

Quarterly

Semi-Annuually

Annually

Specific Start Date ________/________/_________

 

 

Mail check to the address above.

Deposit into my Bank of America __ Checking __ Savings #________________________/___________

 

 

 

 

 

 

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.

The minimum required for the state of __________________________is __________.

Do not withhold state income tax from my distribution.

Withhold state income tax for the state of ______________ from my distribution at the rate of ________%, or amount of $_________.

Local Withholding:

Important: Local withholding may also be required in certain states.

The minimum required for the municipality of __________________________is __________.

Do not withhold local income tax from my distribution.

Withhold local income tax for the municipality of ______________ from my distribution at the rate of ________%, or amount 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:

At a rate of 10%

At a rate of ________% (must be greater than 10%

I am a Non-Resident Alien (check one)

Withhold:

30%

Tax Treaty Rate of________% Country _________________________________

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

BANK OF AMERICA, NA (The “BANK”)

Traaditional/Roth IRA Plan

Beneficiary Disttribution Election Form

Informational Sheet

BANK OF AMERICA RECOMMENDS YOU CONTACT YOUR TAX ADVISOR BEFORE MAKINNG YOUR ELECTION

A beneficiary of an IRA Plan should elect how to receive th e proceeds of the IRA Plan no later than 09/30 of the year follo wing 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 Deppositor’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.

Compllete, sign and send the distribution form:

To your Local Bank of America Banking Center Or, mail to the following address:

Bank of America

Mail code: SC3-250-02-15

P.O. Box 100289

Columbia, SC 29202

1. DECEASED DEPOSITOR INFORMAATION

Depositor’s Name - Enter the deceased persoon’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 thhe account owner (deceased person)

Plan type – Select the plan type of the deceassed account holder

2. BENEFICIARY INFORMATION

Bank of America, like all financial institutions, is requuired 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 askk 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.

Beneficiary Name – Enter the name of the be neficiary for the plan identified in the Plan Number sectioon

Social Security Number – Enter the Social Seecurity Number for the beneficiary listed in the Beneficiarry Name section. If the beneficiary is an entity, enter the Employer Identificationn 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 liisted 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, Daaughter, Mother, or Father. If the beneficiary is an Entity please leave this field blank.

Physical Street Address, City, State, Zip – Ennter the street address for the beneficiary listed in the Beneficiary Name section. Please note: This must be a physical address to comply w ith the USA Patriot ACT.

Source of Income – Select the appropriate op tion from the list provided. If the beneficiary is an Entityy, please select Inheritance.

Mailing Address – Complete only if differentt from the Physical Address listed.

Employer Name – List the beneficiary’s curreent employer

Country of Citizenship – Enter the Country thhat the Beneficiary is a citizen

Country of Residency – Enter the Country thee Beneficiary resides in

Occupation – Enter the Beneficiary’s currentt 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 – Entter the number of days that the beneficiary has been preseent in the U. S. for the current year

# of Days Present in the U.S. Last Year – Entter 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 Lasst Year – Enter the number of days that the beneficiary waas in the U.S. Prior to the last full calendar year

3.DISTRIBUTION INSTRUCTIONS

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).

4. RMD PAYMENT INSTRUCTIONS

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.

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.

You MUST indicate your withholding election on the form provided.

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%.

State Withholding:

Important: State withholding may also be required in certain states when you elect federal income tax withholding

Local Withholding:

Important: Local withholding may also be required in certain states.

Complete denoted section 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.

For additional questions, please contact your locate 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.

How to Edit Bank Of America Form

There's nothing complicated related to filling out the beneficiary distruibution form ira once you open our PDF tool. By simply following these clear steps, you can receive the ready PDF file within the least time period feasible.

Step 1: Click the button "Get Form Here".

Step 2: At the moment you are on the form editing page. You may enhance and add information to the file, highlight specified content, cross or check specific words, add images, put a signature on it, get rid of unrequired fields, or eliminate them altogether.

These particular areas are in the PDF template you'll be creating.

stage 1 to completing bank of america letter of instruction pdf

Feel free to prepare the SELECT ON, NLY ONE OF THE PAYMENT OPTIONS, Lump Sum Distribution, I elect to receive my entire, sum payment, Deposit into my Bank of America, Checking, Savings #, Mail check to the address above, State Opened, Life Expectancy Payments, I elect to receive my entire, nts over the longer of my own life, Specific Amount, and Specific Term box with the required details.

step 2 to filling out bank of america letter of instruction pdf

You should provide specific information inside the field Do not withhold federal income tax, At a rate of 10%, At a rate of % (must be greater, State Withholding:, Important: State withholding may, Do not withhold state income tax, Local Withholding:, Important: Local withholding may, Do not withhold local income tax, Complete if you are providing a, Important: If you are a U, I am a U, Withhold:, At a rate of 10%, and At a rate of % (must be greater.

Finishing bank of america letter of instruction pdf step 3

Describe the rights and obligations of the parties in the space DATE.

Entering details in bank of america letter of instruction pdf part 4

Step 3: When you are done, select the "Done" button to upload the PDF file.

Step 4: You could make copies of your document tostay clear of all upcoming problems. Don't get worried, we don't publish or monitor your information.

If you believe this page is infringing on your copyright, please familiarize yourself with and follow our DMCA notice and takedown process - click here to proceed .