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Blank Bank Of America Beneficiary PDF Form

The Bank of America Beneficiary Form is a critical document for individuals designated as beneficiaries of a Traditional or Roth IRA account. This form collects essential information about both the deceased account holder and the beneficiary, ensuring compliance with federal regulations. Properly completing this form is vital for beneficiaries to receive their entitled distributions efficiently.

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Blank Bank Of America Beneficiary PDF Form

Article Guide

The Bank of America Beneficiary form is an essential document for anyone who has been designated as a beneficiary of a Traditional or Roth IRA account. This form is crucial for ensuring that the distribution of funds is handled correctly and in accordance with the law. It requires detailed information about both the deceased account holder and the beneficiary, including names, dates of birth, and Social Security numbers. Additionally, beneficiaries must provide their relationship to the deceased, source of income, and residency details. The form also outlines various distribution options, allowing beneficiaries to choose how they wish to receive their inheritance, whether as a lump sum, over a specific term, or through life expectancy payments. It emphasizes the importance of consulting a tax advisor before making any elections, as tax implications can significantly affect the distribution process. Furthermore, it includes sections on required minimum distributions (RMDs) and tax withholding elections, ensuring that beneficiaries are aware of their responsibilities and the potential tax consequences of their choices. By completing this form accurately, beneficiaries can navigate the complexities of IRA distributions with confidence.

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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		Date of Birth


Physical Street Address, City, State, Zip


Mailing Address (If different)


Country of Citizenship		Country of Residency

Social Security Number

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

Select One:

Mail check to the address above.

Deposit into my Bank of America

Checking

Savings

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	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	.
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%)

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

BANK OF AMERICA, N.A. (THE “BANK”)

Traditional/Roth IRA Plan

Beneficiary Distribution Election Form

Informational Sheet

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

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

1. DECEASED DEPOSITOR INFORMATION

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

2. BENEFICIARY INFORMATION

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.

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

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. 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.

Local Withholding:

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

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.

➤ PDF File

Form Specifications

Fact Name	Fact Description
Deceased Depositor Information	Beneficiaries must provide details such as the deceased's name, date of birth, and social security number.
Beneficiary Identification	Under the USA PATRIOT ACT, the Bank must verify and record information for each beneficiary.
Distribution Deadline	Beneficiaries must elect how to receive proceeds by September 30 of the year following the depositor's death.
Payment Options	Options include lump sum, life expectancy payments, specific amounts, and a 5-year payout.
Spousal Options	Spouses can treat the IRA as their own or delay distributions until age 70½.
RMD Responsibility	Beneficiaries are responsible for taking their annual Required Minimum Distribution (RMD).
Tax Withholding	Distributions are subject to federal and possibly state and local tax withholding unless waived.
North Carolina Requirement	North Carolina residents must use form NC-4P for state withholding elections.
International Beneficiaries	U.S. citizens abroad cannot waive federal withholding and must complete Form W-9.
Contact Information	For questions, beneficiaries can contact their local Bank of America Banking Center or call customer service.

Bank Of America Beneficiary: Usage Guidelines

Completing the Bank of America Beneficiary form is a crucial step for beneficiaries of an IRA account. This form allows you to provide necessary information about the deceased account holder and yourself as the beneficiary. After filling out the form, it must be submitted to Bank of America to initiate the distribution process.

Deceased Depositor Information:
- Enter the deceased person's name.
- Provide the deceased person's Social Security number.
- Input the date of birth of the deceased.
- Fill in the plan number associated with the deceased's account.
- Record the date of death for the account owner.
- Select the plan type: Traditional IRA or Roth IRA.
Beneficiary Information:
- Enter your name as the beneficiary.
- Provide your Social Security number or Employer Identification Number (EIN) if applicable.
- Input your daytime telephone number.
- Fill in your date of birth.
- Provide your physical street address, including city, state, and zip code.
- Complete the mailing address if it differs from the physical address.
- Specify your country of citizenship and residency.
- Indicate your source of income from the provided options.
- List your current employer and occupation if employment was selected as the source of income.
- If applicable, provide the number of days present in the U.S. for the current year and previous years.
- Indicate if you or any immediate family members have held a political position.
Distribution Instructions:
- Select one payment option for receiving the IRA proceeds.
- Complete any additional sections based on your selected option.
RMD Payment Instructions:
- Choose the frequency of your Required Minimum Distribution (RMD).
- Select a specific start date for your RMD.
- Indicate how you would like to receive the RMD funds.
Tax Withholding Election:
- Indicate your federal withholding preference.
- Complete state and local withholding information if applicable.
Beneficiary’s Acknowledgment:
- Sign and date the form to acknowledge your understanding of the information provided.

Once the form is completed, it should be submitted to your local Bank of America Banking Center or mailed to the designated address. Ensure all information is accurate to avoid delays in processing your request.

Your Questions, Answered

What is the purpose of the Bank of America Beneficiary Form?

The Bank of America Beneficiary Form is used to designate beneficiaries for an IRA account. This form collects important information about the deceased account holder and the beneficiary, ensuring compliance with regulations and facilitating the distribution of funds after the account holder's death.

What information do I need to provide about the deceased depositor?

You will need to provide the deceased's name, date of birth, date of death, Social Security number, plan number, and the type of IRA (Traditional or Roth). This information is crucial for processing the beneficiary's claim and ensuring the correct account is referenced.

What information is required from the beneficiary?

The beneficiary must provide their name, daytime telephone number, date of birth, physical address, mailing address (if different), Social Security number, relationship to the depositor, source of income, and citizenship details. This information helps the bank verify the beneficiary's identity and comply with legal requirements.

What are the distribution options available to beneficiaries?

Beneficiaries can choose from several distribution options, including a lump sum payment, payments based on life expectancy, specific amounts, or a 5-year payout. Spouses have additional options to treat the account as their own or delay distributions until a certain age. It's important to select only one option to avoid processing delays.

What is the deadline for making a distribution election?

Beneficiaries must elect how to receive the IRA proceeds no later than September 30 of the year following the account holder's death. Additionally, any separate beneficiary accounts must be established by December 31 of that same year.

What are Required Minimum Distributions (RMDs), and how do they work?

RMDs are the minimum amounts that must be withdrawn from an IRA each year. Beneficiaries are responsible for taking their annual RMD from the account. The start date for these distributions can be set between January 7 and December 28, and the bank will process the request on the next business day if the selected date falls on a non-business day.

What tax implications should I be aware of?

Distributions from an IRA are subject to federal income tax withholding and may also be subject to state and local taxes. Beneficiaries can elect whether to have taxes withheld from their distribution. If no election is made, federal tax will automatically be withheld at a rate of 10%. It's advisable to consult a tax advisor for personalized guidance.

What if I have more questions about the form or the process?

If you have additional questions, you can reach out to your local Bank of America Banking Center. Customer service representatives are also available at 1.888.827.1812 to assist with any inquiries regarding the beneficiary form or the distribution process.

Common mistakes

Incomplete Deceased Depositor Information: Failing to provide all required details such as the deceased's name, date of birth, and social security number can lead to processing delays.
Incorrect Beneficiary Information: Entering the wrong name or social security number for the beneficiary can cause significant issues in the distribution process.
Not Selecting a Payment Option: Leaving the payment option section blank or selecting multiple options can result in confusion and delays.
Missing Signature: Failing to sign the form can lead to rejection. A signature is mandatory for processing the beneficiary election.
Ignoring Tax Withholding Elections: Not completing the tax withholding section can lead to automatic withholding at a higher rate than intended.
Providing a P.O. Box Address: Using a P.O. Box instead of a physical street address can violate compliance requirements under the USA PATRIOT ACT.
Forgetting to Update Contact Information: Not providing a current daytime telephone number can hinder communication regarding the distribution process.
Neglecting to Review for Accuracy: Failing to double-check all entries for accuracy can lead to errors that complicate the process.
Missing Deadline for Election: Not submitting the form by the required deadline can result in the loss of benefits or options.
Not Consulting a Tax Advisor: Ignoring the recommendation to speak with a tax advisor may lead to unforeseen tax implications.

Documents used along the form

When navigating the process of managing an IRA account as a beneficiary, several documents may be required in addition to the Bank of America Beneficiary form. Each of these forms serves a specific purpose and can help ensure that the distribution process is smooth and compliant with regulations. Below is a list of commonly used forms and documents.

Form W-9: This form is used by U.S. citizens or resident aliens to provide their taxpayer identification number (TIN) to the financial institution. It is essential for tax reporting purposes.
Form W-8BEN: Non-resident aliens use this form to certify their foreign status and claim any applicable tax treaty benefits. It is necessary for tax withholding on distributions.
Form NC-4P: North Carolina residents must complete this form to elect or waive state income tax withholding on pension or annuity payments. It is crucial for compliance with state tax laws.
Death Certificate: A certified copy of the deceased's death certificate may be required to confirm the account holder's passing and initiate the beneficiary process.
Trust Documents: If the IRA is held in a trust, relevant trust documents may need to be provided to verify the terms of the trust and the identity of the beneficiaries.
Proof of Identity: Beneficiaries may need to present valid identification, such as a driver's license or passport, to verify their identity and relationship to the deceased account holder.
Tax Advisor Letter: A letter from a tax advisor may be beneficial, especially if the beneficiary has specific questions about tax implications related to the IRA distributions.

Understanding these documents and their purposes can significantly ease the process of managing an IRA as a beneficiary. It is advisable to gather all necessary paperwork promptly to facilitate timely distributions and compliance with relevant regulations.

Similar forms

Last Will and Testament: This document specifies how an individual's assets will be distributed upon their death. Similar to the Bank of America Beneficiary form, it requires identification of beneficiaries and may include tax implications for the estate.
Trust Agreement: A trust document outlines how assets are managed during a person's lifetime and distributed after their death. Like the beneficiary form, it identifies beneficiaries and may involve tax considerations.
Payable on Death (POD) Designation: This form allows bank account holders to designate beneficiaries who will receive funds upon their death, mirroring the beneficiary identification process in the Bank of America form.
Transfer on Death (TOD) Registration: Similar to POD, this registration allows individuals to transfer securities to beneficiaries upon death, requiring beneficiary information akin to that in the Bank of America form.
Retirement Account Beneficiary Designation: Like the Bank of America form, this document allows individuals to specify beneficiaries for retirement accounts, ensuring proper distribution upon death.
Life Insurance Beneficiary Designation: This document specifies who will receive the insurance payout upon the policyholder's death, paralleling the identification and verification requirements of the Bank of America form.
Health Savings Account (HSA) Beneficiary Designation: Similar to the IRA beneficiary form, this designation allows account holders to name beneficiaries for their HSA, ensuring proper distribution after death.
Joint Tenancy with Right of Survivorship Agreement: This agreement allows co-owners to inherit property automatically upon the death of one owner, similar to the beneficiary identification process.
401(k) Beneficiary Designation Form: This form allows employees to designate beneficiaries for their 401(k) accounts, much like the Bank of America form, ensuring that funds are distributed according to the account holder's wishes.
Annuity Beneficiary Designation: This document allows individuals to name beneficiaries for annuity contracts, paralleling the beneficiary identification and distribution instructions found in the Bank of America form.

Dos and Don'ts

When filling out the Bank of America Beneficiary form, it is essential to follow specific guidelines to ensure accurate and timely processing. Below is a list of things to do and avoid.

Do provide accurate information for all required fields, including the deceased depositor's name, Social Security number, and date of birth.
Do use a physical address for the beneficiary to comply with the USA PATRIOT ACT.
Do select only one payment option to avoid delays in processing your request.
Do consult a tax advisor regarding tax implications before making your election.
Don't leave any required fields blank; incomplete forms may be returned for correction.
Don't select multiple payment options, as this can complicate the distribution process.

Misconceptions

Misconception 1: The beneficiary form is optional.

Some people believe that completing the beneficiary form is not necessary. In reality, it is essential for beneficiaries to fill out this form to ensure that the distribution of assets occurs smoothly and according to their wishes.

Misconception 2: Only spouses can be beneficiaries.

While spouses are common beneficiaries, anyone can be named as a beneficiary on an IRA account. This includes children, relatives, friends, or even charitable organizations.

Misconception 3: Beneficiaries automatically inherit the entire account.

Beneficiaries do not automatically receive the entire balance of the IRA. The distribution options depend on the type of IRA and the relationship to the deceased depositor, which can affect how the funds are distributed.

Misconception 4: There is no deadline for submitting the beneficiary form.

There is a deadline for beneficiaries to elect how to receive the proceeds. This must be done no later than September 30 of the year following the depositor's death.

Misconception 5: Tax implications are not a concern for beneficiaries.

Beneficiaries must consider tax implications when receiving distributions. IRA distributions are subject to federal income tax withholding, and beneficiaries may also be responsible for state and local taxes.

Misconception 6: Beneficiaries cannot change their distribution options.

Beneficiaries can change their distribution options after the initial election, but they should consult with a tax advisor to understand the consequences of any changes.

Misconception 7: The form does not require personal information.

The beneficiary form requires detailed personal information, including Social Security numbers and addresses, to comply with regulations like the USA PATRIOT ACT.

Misconception 8: All beneficiaries must take distributions at the same time.

Each beneficiary can choose their own distribution method and timeline. This flexibility allows beneficiaries to manage their finances according to their individual needs.

Misconception 9: Once the form is submitted, the bank handles everything.

While the bank processes the form, beneficiaries are responsible for ensuring that they follow through with any required actions, such as taking their Required Minimum Distributions (RMDs) on time.

Key takeaways

When filling out and using the Bank of America Beneficiary form, there are several important points to keep in mind:

Identification Requirements: The bank must collect specific information about the deceased depositor and the beneficiary to comply with federal regulations.
Deadline for Elections: Beneficiaries must elect how to receive proceeds by September 30 of the year following the depositor's death.
Multiple Payment Options: Beneficiaries can choose from several payment options, including lump sum distribution, life expectancy payments, or a specific term payout.
Spousal Options: Spouses may treat the IRA as their own or delay distributions until the deceased would have reached age 70½.
Required Minimum Distributions (RMD): Beneficiaries are responsible for taking their annual RMD, and specific start dates for distributions must be chosen carefully.
Tax Withholding: Distributions may be subject to federal and state income tax withholding unless the beneficiary opts out.
Accurate Information: Providing accurate details on the form is crucial to avoid delays in processing the request.
Consult a Tax Advisor: The bank recommends that beneficiaries consult a tax advisor to understand the tax implications of their elections.
Submission Instructions: Completed forms should be submitted to the local Bank of America banking center or mailed to the specified address for processing.