Bank Of America Beneficiary Form – Fill Out and Use This PDF

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. 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 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. 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. 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. 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. 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.

Lump Sum Distribution: elect to receive your entire portion of the IRA Plan in a single lump sum payment. Deposit into my Bank of America Checking or Savings, or Mail check to the address.

Option A: Lump Sum Distribution is available to all beneficiaries.

If you selected any option except Lump Sum, please ensure Section 4 is completed (if applicable).

Life Expectancy Payments: elect to receive your entire portion of the IRA Plan by taking payments over the longer of your own life expectancy or the remaining life expectancy of the deceased IRA Plan Depositor.

Specific Amount: elect to receive your entire portion of the IRA Plan by taking payments of an amount. Specific Term: elect to receive your entire portion of the IRA Plan by taking payments over a number of years.

5-Year Payout: elect to receive your 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. Additional Options for Spouse Only: 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.

Spousal Exception: I am the spouse of the deceased IRA Plan Depositor and I elect to delay taking distributions until the year my spouse would have reached age 70½.

The Beneficiary is responsible for taking their 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.

Monthly, Quarterly, Semi-Annually, Annually or Specific Start Date. Mail check to the address, or Deposit into my Bank of America Checking or Savings.

You MUST indicate your withholding election.

Federal Withholding: 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. At a rate of 10% or At a rate of % (must be greater than 10%).

State Withholding: 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.

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

6. BENEFICIARY'S ACKNOWLEDGMENT: I acknowledge that I have read and completed this Form. 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.

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.

Complete, sign and send the distribution form to your Local Bank of America Banking Center. Or, mail to Bank of America, N.A., Mail code: TX2-979-02-14, P.O. Box 619040, Dallas, TX 75261-9943.

You may also incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient.