Get the free Beneficiary Required Distribution Election Form. FI-42-31043-2102 (fillable)

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Beneficiary Required Distribution Election FormWesternSouthern Life Assurance Company PO Box 2918 Cincinnati, OH 452012918 For assistance, call 800.926.1702 Fax: 513.362.2353 WSFinancialPartners.

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How to fill out beneficiary required distribution election

01

Obtain the necessary forms: You will need to obtain Form 5498 from the financial institution that holds the retirement account, as well as Form 1099-R.

02

Review the forms: Read the instructions provided with the forms carefully to understand the required information and any additional documentation that may be required.

03

Provide personal information: Fill out the forms with your personal information, including your name, address, and Social Security number.

04

Declare the retirement account: Indicate the details of the retirement account for which you are electing the beneficiary required distribution.

05

Calculate the distribution: Determine the amount of the required distribution by referring to the applicable IRS tables and guidelines.

06

Choose the distribution method: Select how you would like to receive the distribution, whether through a lump-sum payment, periodic payments, or as a beneficiary IRA.

07

Specify the beneficiary: If you are designating a specific beneficiary to receive the distribution, provide their name, address, and Social Security number.

08

Sign and submit the forms: Sign the completed forms and submit them to the financial institution that holds the retirement account. Keep copies for your records.

09

Keep track of tax obligations: Be aware of any tax obligations associated with the distribution and report the income on your tax return accordingly.

Who needs beneficiary required distribution election?

01

Individuals who are designated as beneficiaries of retirement accounts need to fill out the beneficiary required distribution election.

02

This may include widows/widowers, children, siblings, or other individuals who inherit a retirement account from the original account holder.

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What is beneficiary required distribution election?

The beneficiary required distribution election is a choice made by the beneficiary of a retirement account to determine how they will receive distributions from the account.

Who is required to file beneficiary required distribution election?

Any individual named as a beneficiary of a retirement account is required to file a beneficiary required distribution election.

How to fill out beneficiary required distribution election?

To fill out a beneficiary required distribution election, the beneficiary must provide their personal information, details of the retirement account, and specify their distribution preferences.

What is the purpose of beneficiary required distribution election?

The purpose of beneficiary required distribution election is to outline how the beneficiary wishes to receive distributions from the retirement account in accordance with tax laws and regulations.

What information must be reported on beneficiary required distribution election?

The beneficiary required distribution election must report the beneficiary's name, address, social security number, details of the retirement account, distribution preferences, and any other relevant information.

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