Keane's Unclaimed Property Blog

IRS Ruling: Escheatment of Traditional IRA Distributions Subject to Federal Income Tax Withholding Rules

IRS Ruling: Escheatment of Traditional IRA Distributions Subject to Federal Income Tax Withholding Rules

Compliance, Legislative Alerts

Under a recent Internal Revenue Service Ruling, the escheatment of payments made from a traditional IRA account to the state’s unclaimed property fund constitutes a designated distribution that is subject to federal tax withholding rules for IRAs. The trustee or custodian of the IRA must also report those payments on a 1099-R, identifying the owner as the recipient.

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