NOTICE: IRA Withholding Notice and Election Notification to End Investors

Federal income tax regulations require IRA account holders to be informed of their right to waive or elect a different withholding rate prior to taking a distribution. To comply with these regulations, Axos will send an IRA Withholding Notice and Election to end investors bi-annually.

Who will receive the notice?

• All end investors with an open or closing IRA account.

Is there any action required?

• No action is required if an end investor wants to maintain their current tax withholding election.
• If no withholding election is made, the default holding rate will be used at the time of distribution.
• Investors may use the IRA Withholding Notice and Election to revoke or change their previous election at any time.
• Axos will only store returned tax withholding information for end investors with an established systematic distribution.
  
  

When will the notices be mailed?

• Notices will be mailed the first week of September 2024, and bi-annually thereafter.
  
  

How is tax withholding handled for non-systematic distributions?

• For all types of distributions, tax withholding can be elected at the time of distribution on the distribution form.

A copy of the IRA Withholding Notice and Election can be found HERE for your reference.

Questions? Please reach out to your Client Service Advocate.