Reregister Tax Split
Overview of IL209
Re-registration with a tax split usually becomes necessary when an investment owner is deceased during the current year. This can create a need for the principal and interest to be split into new investments under the beneficiaries’ master accounts. The tax burden created by the investment income - as well as any applicable penalties or withholdings - must also be divided equitably among the beneficiaries based on the owner’s date of death.
Re-registration with a tax split allows you to set up new master accounts for the re-registered investments, or to designate existing master accounts. You can arrange the split evenly, by percentage, or by dollar amount. The interface then provides a comprehensive breakdown of the split amounts in various categories (principal, interest, penalty, withholding).
- From the DDI Connect main menu, double-click Financial Services
- Double-click Investments
- Double-click Transactions
- Double-click 209 Reregister Tax Split. You will see this screen:
