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  • Ut Urs Drwd-12 2012

Get Ut Urs Drwd-12 2012-2026

Use this form to request a withdrawal from the Utah Retirement Systems (URS) Roth IRA. 2. Review both sides of this form. 3. Please type or print clearly in black ink. 4. Sign in the presence of a Notary Public. (A notary is not required if you have an account balance of $5,000 or less; or if you are reducing or canceling a periodic distribution.) 5. If you fax this form, do not mail the original. SECTION A - GENERAL INFORMATION Member Name (First, Middle, Last) SSN or Account # Mailing Add.

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How to fill out the UT URS DRWD-12 online

This guide provides comprehensive, step-by-step instructions for filling out the UT URS DRWD-12 form online. By following these instructions, users can easily navigate the online form and ensure they have completed all necessary sections accurately.

Follow the steps to fill out the UT URS DRWD-12 online successfully.

  1. Click the ‘Get Form’ button to access the UT URS DRWD-12 form and open it in your preferred editor.
  2. In Section A, enter your general information clearly. This includes your full name, Social Security Number or Account Number, mailing address, birth date, city, state, zip code, and daytime phone number.
  3. Proceed to Section B. If you are a person with a disability, check the appropriate box. Be aware that documentation may be required.
  4. In Section C, select your preferred payout date. You can choose to receive funds as soon as possible or specify a date in the provided space.
  5. Move to Section D, where you will select your withdrawal options. Choose either 'Full Balance' or 'Partial Balance' and if applicable, indicate the specific amount for partial withdrawals. If selecting periodic payments, choose from monthly, quarterly, semiannually, or annually, and fill in the required details for each option.
  6. In Section E, complete the tax withholding election. Initial the appropriate box if you elect not to have federal income tax withheld. If you do not initial, be aware of the default withholding rates indicated.
  7. Finally, in Section F, sign and date the form in the presence of a Notary Public. If your account balance is $5,000 or less, notarization is not required.
  8. Once all sections are completed, you may save your changes, download, print, or share the form as needed.

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You can roll over the amount that you withdrew to the Roth IRA or another of your Roth IRAs if the following conditions are met: The funds are rolled over within 60 days from when you received them. The Roth IRAs were not involved in a rollover during the 12 months preceding the date of the distribution.

Roth funds should only be withdrawn as a last resort. Be sure to limit the sum to your contributions, which means don't dip into earnings or you will likely be penalized.

You can take distributions from your IRA (including your SEP-IRA or SIMPLE-IRA) at any time. There is no need to show a hardship to take a distribution. However, your distribution will be includible in your taxable income and it may be subject to a 10% additional tax if you're under age 59 1/2.

You can withdraw contributions you made to your Roth IRA anytime, tax- and penalty-free. However, you may have to pay taxes and penalties on earnings in your Roth IRA.

The first Roth IRA five-year rule is used to determine if the earnings (interest) from your Roth IRA are tax-free. To be tax-free, you must withdraw the earnings: On or after the date when you turn age 59½ At least five tax years after the first contribution to any Roth IRA that you own.

If you withdraw contributions before the five-year period is over, you might have to pay a 10% Roth IRA early withdrawal penalty. This is a penalty on the entire distribution. You usually pay the 10% penalty on the amount you converted. A separate five-year period applies to each conversion.

When you invest in a Roth IRA, you deposit your money after it has already been taxed. When you withdraw the money, presumably after retiring, you pay no tax on the money you withdraw or on any of the gains your investments earned. That's a significant benefit.

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