General Questions

I am not a U.S. taxpayer. Why do I have to submit IRS Form W-8?

IRS Form W-8 certifies non-U.S. taxpayer status and claims reduced tax on U.S. securities income. Without it, brokers might impose extra withholding tax and report non-compliance. Instructions for updating tax forms are in the Client Portal Users' Guide.

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Fees & Interest

How do I update cost basis information for transferred securities?

Cost basis of transferred positions is sent by the transferor after settlement. Until then, MEXEM classifies positions as non-covered with default cost basis. Clients can manually update the cost basis via Client Portal/Account Management. Cost basis of covered positions updates automatically. More info in MEXEM Users' Guide.

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General Questions

How do I determine my Required Minimum Distribution?

Due to COVID-19, the CARES Act has waived 2020 Required Minimum Distributions (RMDs) for IRA owners aged 70½ before 1/1/2020. Generally, RMDs are yearly withdrawals that IRA and retirement plan holders (except Roth IRAs) must take after reaching age 70½. RMDs are calculated by applying an IRS Life Expectancy Factor to your previous year-end account balance. RMD for each retirement plan must be estimated separately but can be withdrawn from any of the accounts. Refer to IRS Publication 550 for more details. Note, MEXEM doesn't provide tax advice. Consult a tax advisor or the IRS for tax-related queries.

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