Learn how to claim an income annuity.

What You Need to Know About Income Annuity Claims [00:00]

We know this must be a difficult time for you and your family. We're here to support you through the steps needed to receive what your loved one provided for you.

You should have a packet of information and forms sent to you by USAA that shares information about your claim and how to move forward. If you don't have this, please call USAA at 800-531-8455.

In your packet, the Contract Information Sheet gives you the contract details including taxable amounts as well as payout options. You use this info to help you complete the forms in the packet.

Claimant Statement Elapsed Time 36 Seconds [00:36]

The first section of the Claimant Statement gathers important info about you and the claim. Be sure you complete and sign the form. The claim requires your signature.

Substitute W-9 form Elapsed Time 47 Seconds [00:47]

The next section of the Claimant Statement holds the Substitute W-9 form. The IRS requires that you sign and date this for us to pay the claim. If the beneficiary is a trust, you must fill out the Certification of Trust section, too.

Fraud Warnings Elapsed Time 01 Minute 02 Seconds [01:02]

The rest of the pages on this form contain fraud warnings. You can check if there are warnings for your state.

Internal USAA Classification: Public Income Annuity Claim Settlement Request form Elapsed Time 01 Minute 09 Seconds [01:09]

The Income Annuity Claim Settlement Request form tells us how to pay the claim. Most income annuities offer the option to continue to receive payments or take a lump sum.

If the benefit is taxable, the option to continue spreads the taxes over time. For taxable lump sums, the beneficiary owes taxes in the year it gets paid.

Continue Payment Elapsed Time 01 Minute 30 Seconds [01:30]

For the option to continue payment, beneficiaries decide how to get paid: EFT (electronic funds transfer) or paper check. You can't change your mind after you make this decision, so choose carefully.

Lump Sum Option Elapsed Time 01 Minute 45 Seconds [01:45]

For the lump sum option, USAA offers two options for delivery: paper check or bank wire.

If you choose a paper check, then you don't need to give us bank information. If you choose a bank wire, there may be a $20 wire fee.

Most types of annuities include portions that get taxed. The packet details any taxable amounts.

Tax Withholding Election form Elapsed Time 02 Minute 08 Seconds [02:08]

The IRS tells us to use your wages to decide how much tax you pay from annuity payments. This can guide you when you fill out the Tax Withholding Election form. If you want to withhold taxes at a different rate than the IRS guide, then we need your signature. Some states tax these payments, so check with your state for the rules. We encourage you to talk with your tax advisor as needed.

For accounts opened at least five years ago, annuities labeled as Roth IRA usually get paid tax-free.

In the event of your untimely passing and annuity payments remain, some contracts allow you to name a beneficiary. If your packet included a beneficiary designation form, then please fill it out. Otherwise, the remaining benefits will become payable to your estate.

Internal USAA Classification: Public Get your claim done online. Elapsed Time 02 Minute 57 Seconds [02:57]

You can get your claim done faster if you send us your forms online at usaa.com or the USAA Mobile App. When you log on to usaa.com, select your initials, select “Inbox,” select “Send Documents to USAA,” then select “Life insurance/Health/Annuities.” On the mobile app, select your initials, then select “Send Documents to USAA.”

Good Order Review Elapsed Time 03 Minute 23 Seconds [03:23]

When we receive your paperwork, we confirm the forms are complete and match information we have. We call this a good order review. If we need more info, we'll contact you. Otherwise, please allow up to 10 business days for us to work on your claim.

Call us today. Elapsed Time 03 Minute 40 Seconds [03:40]

Finally, we want to help make this as quick and easy for you as we can. For any question or concern, call us at 800-531-8455.

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