Normal Distributions

Can I set up monthly distributions to my bank account?

Not at this time, unfortunately. As a security measure, we do not have a recurring monthly distribution process available. You must complete the distribution form and a verification call for each distribution. 

Do I still need to fill out a distribution form if I am over 59 ½ and qualify for a normal distribution? 

Yes. All distributions require completion and signature on our DocuSign form and a verification call. We will not be able to proceed unless you complete the distribution form and provide the appropriate funding instructions, including the specified bank account or digital wallet to which the assets are to be transferred.

Early Distributions

Is there a penalty if I take a distribution before 59 ½? 

Early withdrawals from a Traditional IRA and withdrawals of earnings from a Roth IRA are subject to IRS penalties and taxes, with some exceptions. See IRS guidance here: IRS early exemption. iTrustCapital does not provide legal, investment or tax advice. We recommend that you speak with a tax professional for further guidance.

Distribution by Death

The account holder of this IRA has passed away; how do I take a distribution? 

If an iTrustCapital account holder passes away, and you are the primary beneficiary or believe you may be the primary beneficiary, please submit a request under "Distribution Request" and select "Inquiry." We will provide the next steps. 

distribution_request_1.jpg

Distribution by Divorce

Do I need to provide any legal documentation or proof?

Yes. If you are taking a distribution for yourself or moving the assets to another individual related to a divorce settlement, we will need a copy of the divorce decree. If both parties involved have accounts with iTrustCapital, we can initiate an internal transfer between the accounts if appropriate.

** Disclaimer - iTrustCapital does not provide legal, investment or tax advice. We recommend that you speak with a tax professional for further guidance.