United States - Apply for Lump-Sum Payment (Pension Bebefit)

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Procedure

Apply In Person:

1. To Apply for Lump-Sum Payment (Pension Benefit), the applicant has to approach the Internal Revenue Service (IRS) link
2. An application form will be provided to the applicant by the concerned officer. or it can be downloaded from the following link
3. The applicant has to fill in all the necessary details in the application form. (Incomplete applications are not accepted)
4. Make sure that the applicant has attached all the necessary documents that are mentioned in the “Required Documents” section of this page.
5. The applicant has to attach the photocopies of the required documents along with the application form while submitting.
6. Submit all the documents with the completed form to the concerned officer.
7. The applicant has to pay the prescribed fee as requested by the authority.
8. After receiving the application, the concerned authority will check the submitted application and document set. If all are in place, the application will be accepted.
9. An acknowledgment receipt will be provided. Please save it for future reference.
10. Then the application will be processed further. All the updates on the application status will be sent via SMS to the applicant’s mobile number.
11. Once the process gets completed, the applicant gets a call from the office regarding the application.
12. This entire process can be completed within 5 – 7 days or as per the timeline advised by the respective department authority.

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Required Documents

• The applicant must file (certain Foreign Financial Institutions (FFIs) and U.S. payers that report on Form(s) 1099 to satisfy their Internal Revenue Code chapter 4 reporting requirements).
• Gross distribution (if needed)
• Federal income tax withheld (if needed)
• Employee contributions/ Designated Roth contributions or insurance premiums (if needed)
• Application form link

Office Locations & Contacts

IRS – INTERNAL REVENUE SERVICE OF UNITED STATE
Internal Revenue Service,
Attn: EIN Operation, Cincinnati.
OH 45999.
Fax: (855) 641-6935.
Contact link
IRS offices in Alabama link

NOTE: The applicant can locate the closest Taxpayer Assistance Centre by entering their 5-digit zip code. Also, the applicant can widen their search by using the pulldown for distance in miles.

Eligibility

• The plan participant’s death.
• The participant reaches age 59½.
• The participant, if an employee, separates from service.
• The participant, if a self-employed individual, becomes totally and permanently disabled.

Fees

• There is no fee required for this procedure.

Validity

Explain the time until which the certificate/document is valid.
e.g. Birth Certificate Valid Forever

Documents to Use

• Application form link

Sample Documents

Please attach sample completed documents that would help other people.

Processing Time

• This entire process can be completed within 5 – 7 days or as per the timeline advised by the respective department authority.

Related Videos

Videos explaining the procedure or to fill the applications.
Attach videos using the following tag <&video type='website'>video ID|width|height<&/video&> from external websites.
Please remove the '&' inside the tags during implementation.
Website = allocine, blip, dailymotion, facebook, gametrailers, googlevideo, html5, metacafe, myspace, revver,
sevenload, viddler, vimeo, youku, youtube
width = 560, height = 340, Video ID = Can be obtained from the URL of webpage where the video is displayed.
e.g In the following url 'http://www.youtube.com/watch?v=Y0US7oR_t3M' Video ID is 'Y0US7oR_t3M'.

Instructions

• Applicant must complete the application form before submitting. Incomplete applications will not be accepted.
• Applicant must provide genuine information while applying for this procedure.

Required Information

• Payer’s name
• Street address
• City or town
• State or province
• Country
• ZIP or foreign postal code
• Telephone no
• Payer’s and Recipient Tin
• Recipient’s Name
• Street address
• Amount allocable to IRR within 5 years
• 1st year of design. Roth contrib.
• Account number
• FATCA filing requirement
• Date of payment
• Gross distribution
• Taxable amount
• Taxable amount not determined
• Total distribution
• Capital gain
• Federal income tax withheld
• Employee contributions/Designated Roth contributions or insurance premiums
• Net unrealized appreciation in employer’s securities
• Distribution code
• State tax withheld
• percentage of total distribution
• Total employee contributions
• State/Payer’s state no
• State distribution
• Local tax withheld
• Name of locality
• Local distribution

Need for the Document

• A lump-sum distribution is when a plan participant's entire balance from all of the employer's qualifying plans is distributed or paid to him or her in a single tax year.

Information which might help

• Link
  

Other uses of the Document/Certificate

The Certificate is also uses for:

• Annuities
• Retirement
• Profit-Sharing Plans
• Individual retirement account
• Insurance Contracts

External Links

Place some external links which might help.

Others

More information which might help people.