Guest skc Posted January 30, 2007 Posted January 30, 2007 Plan covers employees in Guam. Questions: 1. Participant terminates and receives distribution what is required withholding and where is it and with what Form? 2. Is distribution reported to participant on 1099R?
JanetM Posted January 30, 2007 Posted January 30, 2007 Guam is US territory. They pay US federal income tax just like we do. Give them a 1099R. Withhold the statutory 20% for lump sum. Form depends on the filer, will be 945. JanetM CPA, MBA
Guest skc Posted January 30, 2007 Posted January 30, 2007 Thanks. I talked to someone at Guam Tax and Revenue who said 945 is not required of all employees are on Guam.
JanetM Posted January 30, 2007 Posted January 30, 2007 Am curious, what from do you file to show the tax withheld? JanetM CPA, MBA
Guest skc Posted January 30, 2007 Posted January 30, 2007 He didn't indicate that a form was required other than deposits of withholding should be done on Form 500.
JanetM Posted January 31, 2007 Posted January 31, 2007 That is odd. The Plan would file the 945. I did a bit of research and found the attached. f945a.pdf JanetM CPA, MBA
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