- This form processes specific distributions from a Traditional IRA or SEP IRA account.
- The latest version of the form is available HERE.
- For example:
- Distribution accounting for federal/state tax withholding
- Transfer of assets between like-IRAs at SoFi
- Excess contribution removal accounting for Net Income Attributable (NIA) calculation
- Direct rollover to an employer-sponsored plan
Instructions
-
Account Type
- Check the box for the type of IRA
-
Account Holder’s Information
- Complete this section with your full legal name, Traditional IRA account number, and Social Security Number.
- You do not need to complete the Beneficiary (Or Former Spouse) Information segment.
- You can add/update your IRA Beneficiaries online.
-
Type of Distribution
- Select the appropriate Type of Distribution.
- For assistance with calculating Net Attributable Income (NIA), please consult your qualified tax professional.
-
Distribution Method
- One-Time Distribution is selected for partial distributions paid in cash or securities.
- Total Account Distribution is selected for FULL account distributions less any applicable fees.
-
Federal and State Tax Withholding
- This segment is not required for excess contribution removals, recharacterizations, or transfers to identical IRAs at SoFi.
- Some states may require withholding and/or provide a method for opt-out
- We encourage you to speak with your qualified tax professional regarding your unique circumstances.
-
Delivery Instructions
- Most distributions will be an ACH to the Bank Account on file; List the last 4 numbers of the destination bank account.
- If transferring between like-IRAs at SoFi, select the box To the following Apex Account via Journal and enter the receiving IRA account number.
- If requesting a Direct Rollover to an employer plan, the check instructions must match the instructions on your firm’s Letter of Acceptance.
- Alternative delivery methods are only available on an exception basis.
-
Signature and Date
- Electronically or physically sign your name.
- A typed name is insufficient for a signature.
- Electronically or physically sign your name.
Important Notes
- Distributions from a Traditional IRA may trigger tax consequences. We encourage you to speak to a qualified tax professional about your unique circumstances.
- You can submit your completed form to an Investment Specialist via chat.
- Form example below - The highlighted segments must be completed and additional segments may be required based on the distribution type.