Settlement payout: What you need to know
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W-9 form needed for settlement payout; due August 22
The W-9 IRS Tax form needs to be filled out for every tribal member receiving a check, even minors, and are due to the Enrollment office on Wednesday, August 22. If you do not complete this form, a check may not be issued.
The form can be confusing so here is what is needed on the form. There is no need to check any boxes or worry about other elements of the form. A TIN (Taxpayer Identification Number) is a fancy way of saying a Social Security Number.
The form needs:
1) A name
2) A Social Security Number
3) An address
Once completed, the form must be signed and dated and given to the CSKT Enrollment office. Adults may sign for minors.
Forms may be found online by searching the Internet or by going to clicking here (IRS.gov) or clicking here. Forms may also be picked up at the CSKT Enrollment office in Pablo.
Council is actively working with federal officials to prevent the IRS taxation of the settlement checks. However, should those efforts fail, everyone will be receiving a 1099 form for their 2012 federal income taxes. The tax impact will vary for everyone depending on their income level and number of dependents and deductions.
Cashing the check arriving September 12
It may be difficult to cash your settlement check, and Tribal Council encourages everyone to visit with your bank or credit union to learn their requirements for cashing these large checks. Eagle Bank is expecting high numbers of people wanting to deposit and cash checks, and will adjust their lobby hours to 9 a.m. to 5:30 p.m. Wednesday 12, Thursday 13 and Friday 14. Deposits only will be accepted in the drive-in. All check cashing will be handled in the lobby.
Because of the high volume of traffic expected, Eagle Bank will not open new accounts or accept new loan applications on Wednesday 12, Thursday 13 and Friday 14.
Federal regulations require that for all cash transactions in excess of $10,000 a Currency Transaction Report must be completed and filed. To complete this report you must provide a photo ID, your physical address, your social security number and your occupation. Completing this report will take additional time and will slow down the normal processing of check cashing. Remember, this is a Federal requirement, and Eagle Bank and other financial institutions have no choice in complying with this requirement.
The East side parking lot will be closed to allow for better pedestrian access and extra security will be in place to ensure individual safety. Parking will be available on the lot between the bank and Wal-Mart.
Use direct deposit to avoid long waits
If you have a checking or savings account, you can have your settlement check direct deposited instead of mailed to you. A direct deposit application is available from the Enrollment office, or click here to download, print and complete the form (113 KB PDF). You will need a voided check or deposit slip from your account to verify the account numbers.
Once completed, it must be submitted to the Enrollment office by Wednesday, August 22.
For more information, you can contact Chasity Haynes in the Enrollment Office at (406) 675-2700, ext. 1014 or e-mail at email@example.com
Time to establish a savings account or open a CD
Now would be a good time to open a savings account for those dollars that you may need in the near future and open a CD for those dollars that you want to put away for future use. Eagle Bank will waive the initial account opening balance for all customers who wish to open an account prior to receiving their settlement check, and will activate your account when you deposit the check. ATM cards will be available for savings accounts, providing access to your money. Remember, an ATM card can be replaced, but lost cash is lost forever.
New accounts will be opened until close of business Monday, September 10.
UPDATE: Enrollment Office has extended the deadline for the W-9 forms to Monday, September 10. Tribal Members are highly encouraged to submit their forms as soon as possible.