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Thread: 1042-S Tax Reporting

  1. #11
    P2F2 Member
    Join Date
    Jan 2011
    Location
    Minnesota
    Posts
    93
    We do not assume the bank is the agent of any benefit recipient when determining their foreign address withholding status. We use the home address that they are required to provide although if they asked us to use the bank as their agent we would consider it on a case by case basis (no one ever has). We do require that every benefit recipient who has a US address must receive payment by direct deposit to a US bank. If someone is living abroad, they would still need to provide both a US address and a US bank. Of course if they use a someone else’s address, we likely would not know that unless the Post Office CASS certification or Move Update tells us different. One thing we would check further is if someone requests their correspondence be sent to a POA or other address and also drops health care coverage.

    As a point of reference, we have several hundred recipients living abroad both permanently or temporarily. We also have about 80 nonresident aliens receiving benefits.

    Let me know if you need more information or have additional questions.

    Leo Wilhelm, CPA
    Finance and Tax Manager
    State Teachers Retirement System of Ohio
    614-227-4010

  2. #12
    P2F2 Member
    Join Date
    Jan 2011
    Location
    Minnesota
    Posts
    93
    From the Wisconsin Retirement System: We treat a member as living abroad based on the address they provide to us, regardless of the bank account location. Our policy is that we do not accept/process direct deposit to a non-US based bank account. We will not accept a W4-P form from a US citizen living abroad with box 1 checked, per the W4-P instructions, we will default to M-3 status if one is received.

    Please let me know if you have any further questions.

    Thank you,
    Michelle Mattox
    Michelle Mattox, Director
    Retirement Accounting Bureau
    Department of Employee Trust Funds
    Phone: 608-261-4288
    E-mail: Michelle.Mattox@etf.wi.gov

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