Bank of America Beneficiary Distribution Election Form

To submit the form, send it to your local Bank of America Banking Center or mail it to Bank of America, N.A., Mail code: TX2-979-02-14, P.O. Box 619040, Dallas, TX 75261-9943. Ensure that you have signed the form and completed all required fields before submission. It is advisable to keep a copy for your records.

Important dates for this form include the submission deadline by September 30 of the year following the depositor's death and the establishment of separate beneficiary accounts by December 31 of the same year.

The primary purpose of this form is to allow beneficiaries of an IRA to elect how they want the proceeds distributed after the account holder's death. By completing this form, beneficiaries can choose between different payment options, ensuring that their wishes are followed. It also ensures compliance with tax regulations regarding distributions from retirement accounts.

• 1. Depositor's Name: The full name of the deceased IRA account holder.
• 2. Date of Birth: The date of birth of the deceased.
• 3. Social Security Number: The social security number of the deceased depositor.
• 4. Plan Number: The specific plan number related to the IRA account.
• 5. Date of Death: The date on which the depositor passed away.
• 6. Plan Type: Indicates whether the IRA is a Traditional or Roth IRA.
• 7. Beneficiary Name: Details of the individual designated to receive the IRA benefits.
• 8. Source of Income: Identifies how the beneficiary will receive their funds.

Failure to submit this form may result in delayed distribution of IRA benefits. Beneficiaries may miss critical deadlines, leading to adverse tax consequences or loss of benefits. It is crucial to submit the form on time to avoid complications.

• Delayed Payments: Not submitting the form on time can lead to delays in receiving funds.
• Tax Liabilities: Late submissions may trigger unwanted tax implications.
• Ineligibility for Benefits: Failure to comply with submission timelines could jeopardize entitlement to benefits.

• 1. Claiming IRA Benefits: Beneficiaries use this form to officially claim their entitled benefits.
• 2. Electing Distribution Options: This form allows beneficiaries to choose their payment preferences.
• 3. Ensuring Tax Compliance: It helps beneficiaries comply with federal tax obligations regarding inherited IRAs.