How do you fill out an IRA distribution request form?


Quick Answer

Contact the financial institution that manages your account to fill out an IRA distribution request form. Provide personal information, including your name, Social Security number, and date of birth in the appropriate fields. Forms typically ask for the reason for the distribution request and the frequency and way you want to receive the funds, as shown in examples from financial institutions Ameritrade and Wells Fargo. Fill out a separate disbursement form for each of your IRA accounts.

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Full Answer

An IRA distribution request form requires you to designate what kind of withdrawal you are making from your IRA account. According to the Internal Revenue Service, these reasons typically include premature withdrawal (made before age 59 1/2; a normal distribution (made at age 59 1/2 or above); a withdrawal due to permanent disability; or a distribution made because you contributed more than the limit for the tax year. Additional options may be listed on your financial institution’s form.

The reason you choose determines if you have to pay an additional 10 percent early withdrawal tax penalty with your federal taxes, according to the IRS. If you make a premature withdrawal, you are subject to this penalty on top of a 25 percent income tax on your distribution. However, some reasons exempt you from this penalty. For example, if you have a permanent disability, you can receive early distributions with no penalty. Your financial institution reports details of your distribution to the IRS for the tax year, as Fidelity states.

Some financial institutions, such as Wells Fargo, may require a different form if you are an IRA beneficiary requesting a disbursement from somebody else’s account.

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