Issue IRA Distribution via Teller

These steps explain how to issue an IRA distribution in Teller Processing.

• It is recommended that you post two separate transactions from the IRA account when issuing an IRA distribution. This way the items (distribution, state withholding, and federal withholding) will show as separate lines on the member's statement and receipt.

• Be sure to select the appropriate IRA code in the IRA column for both steps below. Withdrawals using IRA codes populate the member's IRA balance information, which is used to send members their tax forms.

1. Withdraw the distribution from the member's IRA account.

   • Withdraw only the amount that the member will be taking with them. For example, if a member is withdrawing $50 and paying $10 toward Federal withholding, you would post a withdrawal of $40.

2. Use a miscellaneous receipt to post a separate withdrawal from the member's IRA account for the withholding amounts.

   • Withdraw only the amount that the member will be withholding. For example, if a member is withdrawing $50 and paying $10 toward Federal withholding, you would post a withdrawal of $10.

   • If the member has requested to take both Federal and State withholding, enter separate entries on the miscellaneous receipt screen.