Reminder About Distribution Forms

October 3, 2022

We strive to make it easier for you to fulfill a client’s request for disbursement. Knowing what forms are required can make the process go more smoothly.

So remember that when a client requests a disbursement, we require they submit The Standard’s form 5031, also known as substitute IRS forms W-4P and W-9. The form is required whether a client is completing a claim to benefits, requesting a withdrawal or scheduling interest payments.

Form 5031 combines both a W-9 and W-4P into one page to:

  • Certify the payee's taxpayer identification number
  • State their preference for state and federal withholding

Certain states require more specific information when it comes to withholding taxes. Clients who live in one of these states and request payment from an individual annuity contract must submit both form 5031 and a state-specific form W-4P.

Some states have mandatory tax withholding, some do not allow tax withholding and some have requirements that depend on the situation. When state regulations change, we review and adjust our guidelines accordingly.

We recommend you refer clients to a financial advisor or tax professional to determine their withholding preference. At the same time, we’re always available to help clients with withholding questions or provide required forms.

We’ve made it easy for you and your clients by including form 5031 with distribution request forms.

Use both state-specific W-4P and form 5031 in:

  • Arkansas
  • Arizona
  • Connecticut
  • Georgia
  • Indiana
  • Minnesota
  • Missouri
  • Montana
  • Nebraska
  • West Virginia

Have Questions?

Please contact a service specialist at 800.247.6888 or send us a message.

 

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