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IRA Withholding Rules 

Rev 1-7-2011

Copyright 2011 © Collin W. Fritz & Associates, Ltd. “The Pension Specialists”All rights reserved. No part of this presentation may be reproduced in any form and by any means 

without prior written permission from Collin W. Fritz & Associates, Ltd.

IRA Withholding Rules 

IRA Withholding Rules 

Th A di ti f thi t ti i il bl ith b h b iThe Audio portion of this presentation is available either by phone or by usingthe speakers and microphone on your PC. The phone number is provided to youin the confirmation from CWF and again at the time you join the meeting.

You will need the access code that was emailed to you in the confirmation fromCWF. The confirmation code is 9 digits in length e.g. 123‐456‐789

You will also need the Audio Pin # which is shown to you at the time you join thismeeting

If you need assistance re‐connecting please call CWF at 800.346.3961 

3

IRA Withholding Rules 

Federal Withholding ProceduresO i• Overview• Generally only applies to traditional, SEP and SIMPLE IRAs

4

IRA Withholding Rules • Overview

• Generally only applies to traditional SEP and SIMPLE IRAs• Generally only applies to traditional, SEP and SIMPLE IRAs• Before withholding from a Roth IRA, check with your Legal and 

Compliance Counsel

5

IRA Withholding Rules • Election Procedure and Documentation

• 10% Federal withholdings is required on every traditional IRA SEP and SIMPLE• 10% Federal withholdings is required on every traditional IRA, SEP, and SIMPLE  distribution unless an election is properly completed

6

IRA Withholding Rules • Election Procedure and Documentation

• 10% Federal withholdings is required on every traditional IRA SEP and SIMPLE• 10% Federal withholdings is required on every traditional IRA, SEP, and SIMPLE  distribution unless an election is properly completed• This is withholding NOT the collection of an IRS penalty

7

IRA Withholding Rules • Election Procedure and Documentation

• 10% Federal withholdings is required on every traditional IRA SEP and SIMPLE• 10% Federal withholdings is required on every traditional IRA, SEP, and SIMPLE  distribution unless an election is properly completed• This is withholding NOT the collection of an IRS penalty• Remember, Qualified Retirement Plan distributions have 

20% MANDATORY withholding

8

IRA Withholding Rules • Election Procedure and Documentation

• 10% Federal withholdings is required on every traditional IRA SEP and SIMPLE• 10% Federal withholdings is required on every traditional IRA, SEP, and SIMPLE distribution unless  an election is properly completed

• Documentation is required, IRS W‐4P or valid substitute must be completed

9

IRA Withholding Rules IRS Form W‐4P, Withholding Certificate for Pension or Annuity Payments

10

IRA Withholding Rules IRS Form W‐4P, Withholding Certificate for Pension or Annuity Payments

11

IRA Withholding Rules • Election Procedure and Documentation

• 10% Federal withholdings is required on every traditional IRA distribution unless• 10% Federal withholdings is required on every traditional IRA distribution unless an election is properly completed

• Documentation is required, IRS W‐4P or valid substitute must be completed

Documentation is required. IRS W‐4P or valid substitute

CWF# 57

12

IRA Withholding Rules • Election Procedure and Documentation

• 10% Federal withholdings is required on every traditional IRA distribution unless• 10% Federal withholdings is required on every traditional IRA distribution unless an election is properly completed

• Documentation is required, IRS W‐4P or valid substitute must be completed• IRA Accountholder/Beneficiary must be given three choices

13

IRA Withholding Rules • Election Procedure and Documentation

• 10% Federal withholdings is required on every traditional IRA distribution unless• 10% Federal withholdings is required on every traditional IRA distribution unless an election is properly completed

• Documentation is required, IRS W‐4P or valid substitute must be completed• IRA Accountholder/Beneficiary must be given three choices

• Elect NOT to have income tax withheld

14

IRA Withholding Rules • Election Procedure and Documentation

• 10% Federal withholdings is required on every traditional IRA distribution unless• 10% Federal withholdings is required on every traditional IRA distribution unless an election is properly completed

• Documentation is required, IRS W‐4P or valid substitute must be completed• IRA Accountholder/Beneficiary must be given three choices

• Elect NOT to have income tax withheld• Elect 10% income tax withheld

15

IRA Withholding Rules • Election Procedure and Documentation

• 10% Federal withholdings is required on every traditional IRA distribution unless• 10% Federal withholdings is required on every traditional IRA distribution unless an election is properly completed

• Documentation is required, IRS W‐4P or valid substitute must be completed• IRA Accountholder/Beneficiary must be given three choices

• Elect NOT to have income tax withheld• Elect 10% income tax withheld• Elect and additional amount to be withheld

16

IRA Withholding Rules • Election Procedure and Documentation

• 10% Federal withholdings is required on every traditional IRA distribution unless• 10% Federal withholdings is required on every traditional IRA distribution unless an election is properly completed

• Documentation is required, IRS W‐4P or valid substitute must be completed• IRA Accountholder/Beneficiary must be given three choices

• Elect NOT to have income tax withheld• Elect 10% income tax withheld• Elect and additional amount to be withheld• Must be signed and dated

17

IRA Withholding Rules • Election Procedure and Documentation

• 10% Federal withholdings is required on every traditional IRA distribution unless• 10% Federal withholdings is required on every traditional IRA distribution unless an election is properly completed

• Documentation is required, IRS W‐4P or valid substitute must be completed• IRA Accountholder/Beneficiary must be given three choices

/• Penalty on the IRA custodian/trustee for non‐compliance is the amount ofwithholding that should have been withheld and was not

18

IRA Withholding Rules • Election Procedure and Documentation

• 10% Federal withholdings is required on every traditional IRA distribution unless• 10% Federal withholdings is required on every traditional IRA distribution unless an election is properly completed

• Documentation is required, IRS W‐4P or valid substitute must be completed• IRA Accountholder/Beneficiary must be given three choices

/• Penalty on the IRA custodian/trustee for non‐compliance is the amount ofwithholding that should have been withheld and was not

• Penalty on the IRA custodian/trustee for non‐compliance could be amount oftaxes owed by the IRA Accountholder/Beneficiarytaxes owed by the IRA Accountholder/Beneficiary

19

IRA Withholding Rules • Election Procedure and Documentation

• 10% Federal withholdings is required on every traditional IRA distribution unless• 10% Federal withholdings is required on every traditional IRA distribution unless an election is properly completed

• Documentation is required, IRS W‐4P or valid substitute must be completed• IRA Accountholder/Beneficiary must be given three choices

/• Penalty on the IRA custodian/trustee for non‐compliance is the amount ofwithholding that should have been withheld and was not

• Penalty on the IRA custodian/trustee for non‐compliance could be amount oftaxes owed by the IRA Accountholder/Beneficiarytaxes owed by the IRA Accountholder/Beneficiary

• Once an election is completed, it is valid forever

20

IRA Withholding Rules • Election Procedure and Documentation

• 10% Federal withholdings is required on every traditional IRA distribution unless• 10% Federal withholdings is required on every traditional IRA distribution unless an election is properly completed

• Documentation is required, IRS W‐4P or valid substitute must be completed• IRA Accountholder/Beneficiary must be given three choices

/• Penalty on the IRA custodian/trustee for non‐compliance is the amount ofwithholding that should have been withheld and was not

• Penalty on the IRA custodian/trustee for non‐compliance could be amount oftaxes owed by the IRA Accountholder/Beneficiarytaxes owed by the IRA Accountholder/Beneficiary

• Once an election is completed, it is valid forever• IRA Accountholder/Beneficiary must be allowed to change the election 

21

IRA Withholding Rules • Election Procedure and Documentation• Notice Requirements• Notice Requirements

22

IRA Withholding Rules • Election Procedure and Documentation• Notice Requirements• Notice Requirements

• Proper notice must be given prior to every distribution 

23

IRA Withholding Rules • Election Procedure and Documentation• Notice Requirements• Notice Requirements

• Proper notice must be given prior to every distribution • Unscheduled distributions are usually in compliance with 

good Distribution Documentation

CWFCWF Form  # 57

24

IRA Withholding Rules • Election Procedure and Documentation• Notice Requirements• Notice Requirements

• Proper notice must be given prior to every distribution• Only once‐per‐year if receiving 4 or more scheduled distributions 

25

IRA Withholding Rules • Election Procedure and Documentation• Notice Requirements• Notice Requirements

• Proper notice must be given prior to every distribution• Only once‐per‐year if receiving 4 or more scheduled distributions• When mailed, must be received no sooner than 6 months before the distribution 

26

IRA Withholding Rules • Election Procedure and Documentation• Notice Requirements• Notice Requirements

• Proper notice must be given prior to every distribution• Only once‐per‐year if receiving 4 or more scheduled distributions• When mailed, must be received no sooner than 6 months before the distribution

h l d b d h bl d f b f• When mailed, must be received within a reasonable period of time before the distribution 

27

IRA Withholding Rules • Election Procedure and Documentation• Notice Requirements• Notice Requirements

• Proper notice must be given prior to every distribution• Penalty on the IRA custodian/trustee for non‐compliance is $10 for each failure

28

IRA Withholding Rules • Election Procedure and Documentation• Notice Requirements• Notice Requirements• Deposit requirements

• Monthly, semi‐weekly, or Annually

29

IRA Withholding Rules • Election Procedure and Documentation• Notice Requirements• Notice Requirements• Deposit requirements

• Monthly, semi‐weekly, or Annually• Check or Electronic Funds Transfer  

30

IRA Withholding Rules • Election Procedure and Documentation• Notice Requirements• Notice Requirements• Deposit requirements

• Monthly, semi‐weekly, or Annually• Check or Electronic Funds Transfer

• Electronic Funds Transfer required after December 31, 2010

31

IRA Withholding Rules • Election Procedure and Documentation• Notice Requirements• Notice Requirements• Deposit requirements

• Monthly, semi‐weekly, or Annually• Check or Electronic Funds Transfer

• Electronic Funds Transfer required after December 31, 2010• Check if your financial institution qualifies for exception

32

IRA Withholding Rules • Reporting Requirements

• Annually IRS Form 945 is due by January 31 for previous year• Annually, IRS Form 945 is due by January 31 for previous year 

33

IRA Withholding Rules • Reporting Requirements

• Annually IRS Form 945 is• Annually, IRS Form 945 is due by January 31 for previous year 

A ll IRS F 945Annually, IRS Form 945 is due by January 31 for 

the previous yearIRS Form 945

34

IRA Withholding Rules • Reporting Requirements

• Annually IRS Form 945• Annually, IRS Form 945 is due by January 31 for previous year

A ll IRS F 945Annually, IRS Form 945 is due by January 31 for 

the previous yearIRS Form 945

Ch i f t f 2009Change in format for 2009 

35

IRA Withholding Rules • Reporting Requirements

• Annually IRS Form 945• Annually, IRS Form 945 is due by January 31 for previous year

A ll IRS F 945Annually, IRS Form 945 is due by January 31 for 

the previous yearIRS Form 945

S f t f 2009Same format as for 2009 

36

IRA Withholding Rules • Reporting Requirements

• Annually IRS Form 945 is due by January 31 for previous year• Annually, IRS Form 945 is due by January 31 for previous year 

Complete Form withComplete Form with basic information

37

IRA Withholding Rules • Reporting Requirements

• Annually IRS Form 945 is due by January 31 for previous year• Annually, IRS Form 945 is due by January 31 for previous year 

Read carefully andRead carefully and complete only if applicable

38

IRA Withholding Rules • Reporting Requirements

• Annually IRS Form 945 is due by January 31 for previous year• Annually, IRS Form 945 is due by January 31 for previous year 

Federal income taxFederal income tax withheld

39

IRA Withholding Rules • Reporting Requirements

• Annually IRS Form 945 is due by January 31 for previous year• Annually, IRS Form 945 is due by January 31 for previous year 

Backup withholdingBackup withholding

Note: Generally doesnot apply to IRAs

40

IRA Withholding Rules • Reporting Requirements

• Annually IRS Form 945 is due by January 31 for previous year• Annually, IRS Form 945 is due by January 31 for previous year 

Total taxesTotal taxes

41

IRA Withholding Rules • Reporting Requirements

• Annually IRS Form 945 is due by January 31 for previous year• Annually, IRS Form 945 is due by January 31 for previous year 

Total depositsTotal deposits

42

IRA Withholding Rules • Reporting Requirements

• Annually IRS Form 945 is due by January 31 for previous year• Annually, IRS Form 945 is due by January 31 for previous year 

Balance dueBalance due

43

IRA Withholding Rules • Reporting Requirements

• Annually IRS Form 945 is due by January 31 for previous year• Annually, IRS Form 945 is due by January 31 for previous year 

OverpaymentOverpayment

44

IRA Withholding Rules • Reporting Requirements

• Annually IRS Form 945 is due by January 31 for previous year• Annually, IRS Form 945 is due by January 31 for previous year 

OverpaymentOverpayment

45

IRA Withholding Rules • Reporting Requirements

• Annually IRS Form 945 is due by January 31 for previous year• Annually, IRS Form 945 is due by January 31 for previous year 

OverpaymentOverpayment

Complete if applicable

46

IRA Withholding Rules • Reporting Requirements

• Annually IRS Form 945 is due by January 31 for previous year• Annually, IRS Form 945 is due by January 31 for previous year 

Monthly SummaryMonthly Summary

47

IRA Withholding Rules • Reporting Requirements

• Annually IRS Form 945 is due by January 31 for previous year• Annually, IRS Form 945 is due by January 31 for previous year 

Third Party DesigneeThird‐Party Designee

48

IRA Withholding Rules • Reporting Requirements

• Annually IRS Form 945 is due by January 31 for previous year• Annually, IRS Form 945 is due by January 31 for previous year 

Sign HereSign Here

49

IRA Withholding Rules • Reporting Requirements

• Annually IRS Form 945 is due by January 31 for previous year• Annually, IRS Form 945 is due by January 31 for previous year 

Paid Preparer’s Use OnlyPaid Preparer s Use Only

50

IRA Withholding Rules • Reporting Requirements

• Annually IRS Form 945 is due by January 31 for previous year• Annually, IRS Form 945 is due by January 31 for previous year• Verify all amounts on Form 1099‐R 

4

34

M

4

M

51

IRA Withholding Rules • Reporting Requirements

• Annually IRS Form 945 is due by January 31 for previous year• Annually, IRS Form 945 is due by January 31 for previous year• Verify all amounts on Form 1099‐R• Form 945‐A

Used by semi‐weekly y yscheduled depositors

52

IRA Withholding Rules • Reporting Requirements

• Annually IRS Form 945 is due by January 31 for previous year• Annually, IRS Form 945 is due by January 31 for previous year• Verify all amounts on Form 1099‐R• Form 945‐A• Calculate and Report Withholding 

53

IRA Withholding Rules • Basic 10% Calculations

• Example 1: IRA Accountholder asks for a Distribution of $2 575• Example 1: IRA Accountholder asks for a Distribution of $2,575He wants 10% taken out

$2,575 x 10% = $257.50

$257.50 must be withheld from the distribution$2,317.50 is the net amount received by the accountholder

54

IRA Withholding Rules • Basic 10% Calculations

• Example 2: The IRA Accountholder requests that $1 250 is withheld and• Example 2: The IRA Accountholder requests that $1,250 is withheld and that it should be 10% of the gross distribution

$1,250 divided by 10% (.10) = $12,500

The gross distribution amount is $12,500The net amount is $11,250

55

IRA Withholding Rules • Basic 10% Calculations

• Example 3: The IRA Accountholder requests a distribution of $4 500 net after• Example 3: The IRA Accountholder requests a distribution of $4,500 net after 10% withholding.

$4,500 divided by 90% (.9) = $5,000

The gross distribution amount is $5,000The net amount is $4,500

56

IRA Withholding Rules • Basic 10% Calculations

• Example 4: The IRA Accountholder requests a distribution of $4 500 and• Example 4: The IRA Accountholder requests a distribution of $4,500 and request 100% withheld.

$The gross distribution amount is $4,500The net amount is $0

The 1099‐R is completed in this way

57

IRA Withholding Rules • IRS Form 1099‐R

IRA Owner 4500.00

O l C t M th d4500.00

X

Only Correct Method

4500.00

1 or 7

58

IRA Withholding Rules • 2008 IRS Form 1099‐R

59

IRA Withholding Rules • 2009 IRS Form 1099‐R Format remains the same

60

IRA Withholding Rules • IRS Form 1099‐R

• Box 4 – Federal income tax withheld• Box 4 – Federal income tax withheld

Example:IRA owner requests $10,000 from his traditional IRA withIRA owner requests $10,000 from his traditional IRA with Federal Income Tax Withholding of $2,000.  The IRA Owner is age 50.  The IRA custodian issues a check for $8,000

61

IRA Withholding Rules • IRS Form 1099‐R

IRA Owner 10000.00

10000.00

X

2000.00

1

62

IRA Withholding Rules • Incorrect IRS Form 1099‐R

IRA Owner 8000.00

8000.00

X

1

63

IRA Withholding Rules • Incorrect IRS Form 1099‐R

IRA Owner 2000.00

2000.00

X

2000.00

7

64

IRA Withholding Rules • IRS Form 1099‐R

IRA Owner ‐ 2008Only Correct Method

10000.00Only Correct Method

10000.00

X

2000.00

1

65

IRA Withholding Rules • IRS Form 1099‐R

IRA Owner‐2009Only Correct Method

10000.00Only Correct Method

X

2000.00

1

66

IRA Withholding Rules • Incorrect IRS Form 1099‐R

IRA Owner ‐ 2009   8000.00

I t

X

Incorrect

1

67

IRA Withholding Rules • Incorrect IRS Form 1099‐R

IRA Owner   2000.00

I t

X

Incorrect

2000.00

7

68

IRA Withholding Rules • IRS Form 1099‐R

IRA OwnerOnly Correct Method

10000.00Only Correct Method

X

2000.00

1

69

IRA Withholding Rules • IRS Form 1099‐R

IRA OwnerOnly Correct Method

10000.00Only Correct Method

X

10000.00

2000.00

1

70

IRA Withholding Rules • Reporting Requirements

• Annually IRS Form 945 is due by January 31 for previous year• Annually, IRS Form 945 is due by January 31 for previous year• Verify all amounts on Form 1099‐R• Form 945‐A• Calculate and Report Withholding • NEW IRS Form 945‐X

Adjusted Annual Return of Withholding Federal Income Tax 

or Claim for Refund

71

IRA Withholding Rules • Reporting Requirements

• Annually IRS Form 945 is due by January 31 for previous year• Annually, IRS Form 945 is due by January 31 for previous year• Verify all amounts on Form 1099‐R• Form 945‐A

• Calculate and Report Withholding• NEW IRS Form 945‐X

Basic informational data is completed

72

IRA Withholding Rules • Reporting Requirements

• Annually IRS Form 945 is due by January 31 for previous year• Annually, IRS Form 945 is due by January 31 for previous year• Verify all amounts on Form 1099‐R• Form 945‐A

• Calculate and Report Withholding• NEW IRS Form 945‐X

Indicate type of ypadjustment

73

IRA Withholding Rules • Reporting Requirements

• Annually IRS Form 945 is due by January 31 for previous year• Annually, IRS Form 945 is due by January 31 for previous year• Verify all amounts on Form 1099‐R• Form 945‐A

• Calculate and Report Withholding• NEW IRS Form 945‐X

Line 3 – Indicate Federal Income Tax withheld

74

IRA Withholding Rules • Reporting Requirements

• Annually IRS Form 945 is due by January 31 for previous year• Annually, IRS Form 945 is due by January 31 for previous year• Verify all amounts on Form 1099‐R• Form 945‐A

• Calculate and Report Withholding• NEW IRS Form 945‐X

Line 4 – backup withholding should be ZERO for IRAs

75

IRA Withholding Rules • Reporting Requirements

• Annually IRS Form 945 is due by January 31 for previous year• Annually, IRS Form 945 is due by January 31 for previous year• Verify all amounts on Form 1099‐R• Form 945‐A

• Calculate and Report Withholding• NEW IRS Form 945‐X

Line 5 – Total of Lines 4 plus 5 shouldLine 5  Total of Lines 4 plus 5 should be the same as line 3 for IRAs

76

IRA Withholding Rules • Reporting Requirements

• Annually IRS Form 945 is due by January 31 for previous year• Annually, IRS Form 945 is due by January 31 for previous year• Verify all amounts on Form 1099‐R• Form 945‐A

• Calculate and Report Withholding• NEW IRS Form 945‐X

Page 2 must be completed –Informational data

77

IRA Withholding Rules • Reporting Requirements

• Annually IRS Form 945 is due by January 31 for previous year• Annually, IRS Form 945 is due by January 31 for previous year• Verify all amounts on Form 1099‐R• Form 945‐A

• Calculate and Report Withholding• NEW IRS Form 945‐X

Line 6 – Indicate with an “X” if applicable

78

IRA Withholding Rules • Reporting Requirements

• Annually IRS Form 945 is due by January 31 for previous year• Annually, IRS Form 945 is due by January 31 for previous year• Verify all amounts on Form 1099‐R• Form 945‐A

• Calculate and Report Withholding• NEW IRS Form 945‐X

Line 7 – A detailed explanation of adjustment/claim is required

79

IRA Withholding Rules • Reporting Requirements

• Annually IRS Form 945 is due by January 31 for previous year• Annually, IRS Form 945 is due by January 31 for previous year• Verify all amounts on Form 1099‐R• Form 945‐A

• Calculate and Report Withholding• NEW IRS Form 945‐X

Financial Institution’s Preparer Completes, Signs and Dates

80

IRA Withholding Rules • Reporting Requirements

• Annually IRS Form 945 is due by January 31 for previous year• Annually, IRS Form 945 is due by January 31 for previous year• Verify all amounts on Form 1099‐R• Form 945‐A

• Calculate and Report Withholding

Paid Preparer Completes, Signs and Dates if applicable

• NEW IRS Form 945‐X

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IRA Withholding Rules • Non‐resident alien withholding procedures

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IRA Withholding Rules • Non‐resident alien withholding procedures

• And certain resident aliens• And certain resident aliens

83

IRA Withholding Rules • Non‐resident alien withholding procedures

• Usually 30% withholding is due (Recommended procedure)• Usually 30% withholding is due (Recommended procedure)

84

IRA Withholding Rules • Non‐resident alien withholding procedures

• Usually 30% withholding is due (Recommended procedure)• Usually 30% withholding is due (Recommended procedure)• Could have tax treaty differing percentage

85

IRA Withholding Rules • Non‐resident alien withholding procedures

• Usually 30% withholding is due (Recommended procedure)• Usually 30% withholding is due (Recommended procedure)• Could have tax treaty differing percentage

• IRS Form W‐8BEN or W‐8IMY is required

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IRA Withholding Rules • Non‐resident alien withholding procedures

• Usually 30% withholding is due (Recommended procedure)• Usually 30% withholding is due (Recommended procedure)• Could have tax treaty differing percentage• Special reporting using IRS Form 1042 series

87

IRA Withholding Rules • Non‐resident alien withholding procedures

• Usually 30% withholding is due (Recommended procedure)• Usually 30% withholding is due (Recommended procedure)• Could have tax treaty differing percentage• Special reporting using IRS Form 1042 series• Rules apply to IRA Accountholders and IRA Beneficiaries

88

IRA Withholding Rules • Non‐resident alien withholding procedures

• Usually 30% withholding is due (Recommended procedure)• Usually 30% withholding is due (Recommended procedure)• Could have tax treaty differing percentage• Special reporting using IRS Form 1042 series• Rules apply to IRA Accountholders and IRA Beneficiaries• IRS Form 1042‐S instead of 1099‐R

89

IRA Withholding Rules • Non‐resident alien withholding procedures

• Usually 30% withholding is due (Recommended procedure)• Usually 30% withholding is due (Recommended procedure)• Could have tax treaty differing percentage• Special reporting using IRS Form 1042 series• IRS Form 1042‐T Transmittal not Form 1096

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IRA Withholding Rules • Non‐resident alien withholding procedures

• Usually 30% withholding is due (Recommended procedure)• Usually 30% withholding is due (Recommended procedure)• Could have tax treaty differing percentage• Special reporting using IRS Form 1042 series• IRS Form 1042‐T Transmittal not Form 1096• IRS Form 1042

Annual Summarynot Form 945

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IRA Withholding Rules • State withholding procedures may also apply

• Many states have similar withholding procedures• Many states have similar withholding procedures

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IRA Withholding Rules • Backup withholding does NOT apply to IRAs

• IRS FormW 9 can be used for SSN verification however• IRS Form W‐9 can be used for SSN verification however

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IRA Withholding Rules 

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