Distribution Codes
What is Tax Code D7
What is Normal Distribution over 59.50
When is the W4-R form needed
What is when a customer wants to withhold more or less than 10% Federal Withholding
What is the State Withholding amount for FL
What is needed in Connecticut to opt-out of the Mandatory State Withholding
What is CT-W4P
True or False - A client can reprint their tax forms online
True - They will be under the statements tab
What is Tax Code D4
What is Death
True or False - If no withdrawals happen on a policy the customer will still receive a 1099R
False - They will not since there isn't anything to report to the IRS
What is the State Withholding amount for Michigan
What is 4.25%
What does Mandatory (opt-out) State mean
What is if there's federal withholding, state taxes must be withheld unless a client specifically elect out of state withholding
True or False - An owner can withhold State Taxes if they are in a Non-Withholding State
False - They cannot and we cannot override this
True or False - A client will receive a 1099-R if they do a 1035X
True - They will receive it with a Tax Code of D6
Where can we locate tax forms we have mailed out
What is DMS
What is the State Withholding for Alabama
What is Voluntary, owner has to specify the amount
When can District of Columbia opt-out of Mandatory State Withholding
When the owner is making a partial withdrawal
True or False - If a request is received with no taxes selected we NIGO this request
False - We process as is and default tax withholding in rPay
This form is used to report miscellaneous interest on death claims
What is 1099-INTs
When is May
What is the State Withholding for Oregon
What is 8%
Can Maryland opt-out of State Withholding
Yes, except for TSA's which is mandatory at 7.75%
What form is needed to opt-out of Minnesota State Taxes
What is W-4MNP Form
What is a 5498
What is a report of contributions or rollovers to IRA, SEP and ROTH
What is the Telephonic Submission Script used for
What is a script we can use and bypass the W4-R requirement so clients won't have to send us in a signed W4-R form
What is the State Withholding for Vermont
What is 30% of Federal Tax Withheld
True or False - Massachusetts can opt out of State Withholding
False - This is a mandatory state at 5%
What is the name of the form for Oklahoma to opt-out of State Taxes
What is nothing. There is no form and owner cannot opt-out of State Taxes, its mandatory