Please contact the Trust Department with questions at (920) 490-3935
MINOR TRUST ACCOUNT LATE FORM MINOR TRUST DIRECT DEPOSIT FORM PER CAPITA LAW
PATHFINDER PAW POINTS
Minor Trust Accounts are established for enrolled Tribal Members under the age of 18 who receive payments in accordance with the Per Capita Law.
After a Minor Trust Account is established, statements are mailed quarterly to the address on record for the minor.
It is the Responsibility of the parent or guardian to keep enrolled minor children's address and other information current with the Oneida Enrollment Department.
When an account is eligible to be claimed, a payment form is automatically generated and mailed to the address on record with the Enrollment Department.
Eligibility Requirements to Claim your Minor Trust Account:
You must be at least age 18 on or before September 1, 2015
You must submit a Completed, Notarized Minors Trust Account Late Form by March 1, 2016.
If you are under age 21, you must submit Proof of High School Diploma, a High School Equivalency Diploma or a General Equivalency Diploma by September 1, 2015.
Reporting and Taxation of Membership Distributions:
All payments are subject to federal income tax and may be subject to state or other applicable taxes.
All payments must be reported as income and may affect eligibility for entitlement programs. Please contact your tax preparer, tax consultant or case worker with any questions.
*A 1099-MISC TAX FORM will be mailed by January 29, 2016 for any membership payments received in 2015.
Tribal members may voluntarily request that 20% of a payment be withheld for federal taxes.
Mandatory Federal Income Tax Withholding is required on:
Payments as indicated on page 69 & 70 of IRS Publication 15-A (For 2015, payment amounts totaling over $10,300.00 are subject to this withholding)
Payment for those members who have not provided a Social Security Number or Non-citizenry information (a mandatory back up withholding tax of 28% will be applied).
Rather than receiving 100% of the trust fund, you may choose to receive a portion of your fund. To defer means to leave all or a portion of your trust fund invested with the Trust. There are several advantages to deferring one’s trust fund:
Your tax obligation is deferred, because you do not pay taxes until you receive the funds.
You can take out a portion this year. This is called a partial distribution.
You can save the funds where we will make every attempt to protect and preserve them.
Deferring your trust funds has some flexibility:
For ages 18-20, the deferral is for one year periods only. So each year you will have to decide if you want some or the rest of your remaining funds.
Once you are age 21, the deferral options are in three year intervals. If you are 21 and you decide to defer your trust fund, the next opportunity to withdraw your trust funds will be at age 24.
Once you turn age 30, you are no longer eligible to defer your trust funds and must withdraw the funds.
Deadline to apply for deferrals for FY-2015 is July 1, 2015. The deferral option is not available for the Late Payment.