Policy Level Withholding

The Withholding screen is accessed from the Policy link on the Main menu.  When a Variable Annuity policy is opened, the Withholding link will be listed in the Left Navigation menu.  

Withholding Link on Variable Annuity Policy

Withholding Detail

An explanation of the fields on the Withholding Detail portion of the Withholding screen is given below.

• Federal Percent:  Percent of disbursements that should be held for federal taxes.

• State Percent:  Percent of disbursements that should be held for state taxes.

• Opt-Out:  Yes means that the policy is not subject to withholding.  No means that the policy is subject to withholding.  This field is not supported in this release.

• Federal Amount:  Dollar amount that should be held for federal taxes.

• State Amount:  Dollar amount that should be held for state taxes.

• State Form Returned:  Yes means that the client returned a form to the insurance company providing details on the state withholding amount requested for the annuity.  No means that the form was not returned.  This field is not supported in this release.

Steps to Set Policy Level Withholding

1. Search for the policy.

2. Click Withholding from the Left Navigation menu.  The Withholding detail will open.

3. Enter the withholding percents or amounts in the fields provided.

4. Click Save when the withholding details are complete.

An activity's withholding details can be set to process according to the policy level withholding or the activity level withholding.  After the activity is selected from the Activity drop down list, click the Withholding tab.  Select the withholding type from the drop down box.  Choose Activity or Policy level withholding.  When the activity is processed it will use the withholding level indicated.