In Service Withdrawal Request
Is the participant a U.S. Citizen/U.S. Resident Alien?
Because of the recent change to Citizenship and Tax Residency, the Tax Withholding amounts in the Tax Withholding section(s) below have been cleared. Please reenter the Tax Withholding selections.
We prefilled the participant's state of residence below based on the mailing address. This state will be used to determine state tax withholding and reporting requirements for this transaction. If this is not the participant's state of legal residence for tax purposes, please select an alternate state of tax residence from the drop down below.
Distribution to a non-resident alien are subject to a mandatory 30% withholding rate unless they are eligible for a reduced rate or exemption under a tax treaty and the required documentation is submitted.
Enter distributions at either the source or fund level. If you enter an amount at the source level and leave the funds blank, the amount will automatically pro-rate to the funds within the source. You can enter at most 30 distinct distribution amounts.
Enter distributions at either the source or fund level. If you enter percent at the source level and leave the fund level blank, the percent will apply to each of the funds within the source. You can enter at most 30 distinct distribution percentages.
Tax Withholding section cannot be completed until the US Citizen question is answered in the Participant Information section.
Eligible rollover distribution - 20% withholding: Distributions that are eligible to be rolled over tax free to an IRA or another qualified plan are subject to a flat 20% federal withholding rate. The 20% withholding rate is required, and the participant cannot choose not to have income tax withheld from eligible rollover distributions. Withholding in excess of the mandatory 20% rate is allowed.
Non-Rollover eligible distribution - 10% withholding: Non-periodic, non-rollover eligible payments are subject to a flat 10% federal withholding rate unless the participant chooses not to have federal income tax withheld. These include for example, required minimum distributions and hardship withdrawals. Withholding in excess of the flat 10% rate is allowed.
Under penalties of perjury, I declare that I have examined the tax withholding for State and Federal purposes and to the best of my knowledge and belief it is true, correct and complete including, State and Federal opt out elections as applicable.
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