What are the tax ramifications of this payment?
Goldman Sachs GQG Partners International Opportunities Fund (the “Fund”) retained Ernst & Young LLC (“EY”) to provide tax advice relating to the Goldman Sachs Fund Remediation, including regarding its information return reporting and withholding obligations. In addition, EY prepared the “Statement to Impacted Investors,” or SII, that can be viewed below. NOTE: The SII is not, and is not intended to be, tax advice to the impacted investors. The SII does describe the tax reporting positions taken by the Goldman Sachs Fund Remediation and points out some issues eligible claimants may wish to consider, along with their tax advisors.
Statement to Impacted Investors.pdf
NOTE: You should consult with your tax advisor with respect to the tax consequences of the distribution payment, including the effects of U.S. Federal, State, Local, and Non-U.S. tax rules and the effect of possible changes in laws.
Will I receive a Form 1099 to use when filing my taxes?
- You will receive a Form 1099-INT for the distribution if you receive a payment, are a U.S. person and the interest portion of your distribution is paid in 2025 and is $600 or more and the payment is being made to you as opposed to a retirement account or plan. This threshold will increase to $2,000 or more if the interest is paid in 2026.
- You will receive a Form 1042-S if you receive a payment and:
- You are a Non-Resident Alien;
- We do not have a W-8 and W-9 to prove your tax status; or
- You are subject to FATCA reporting.
- Other tax related considerations:
- Any required 1099-INT or 1042-S will issued by Kroll Agency Services (US) LLC and mailed under separate cover; and
- Any such 1099-INT or 1042-S will be reported to the IRS for the tax year in which the payment is made.
- You may also receive a Form 1099-R if you ask to have a check payable to an IRA or a retirement plan re-issued to you personally depending on a number of facts.
Additional information on the possible tax treatment of this distribution is available on the IRS website: www.irs.gov
For additional questions related to your payment, re-issuing payments to or from IRA accounts, or if you are the beneficiary of a payment made to a deceased shareholder, please Contact Us for further information.
Reissue Forms
Reissue IRA to Individual Distribution Form: Reissue IRA to Individual Distribution Form.pdf
For use by individuals who received a check written to their IRA and no longer maintain an IRA.
Reissue IRA to Beneficiary Distribution Form: Reissue IRA to Beneficiary Distribution Form.pdf
For use by beneficiaries or guardians who received a check written to an individual’s IRA and it should be reissued to the beneficiary or guardian.
Reissue Non-IRA to Individual Distribution Form: Reissue Non-IRA to Individual Distribution Form.pdf
For use by individuals who received a check as part of a Retirement Plan or a Defined Benefit Plan and the Plan or employer no longer exists.
Reissue Non-IRA to Beneficiary Distribution Form: Reissue Non-IRA to Beneficiary Distribution Form.pdf
For use by beneficiaries or guardians who received a check written to an individual as part of a Retirement or a Defined Benefit Plan and it should be reissued to the beneficiary or guardian.
Abandoned Plan Affidavit Form: Abandoned Plan Affidavit Form.pdf
For use by individuals who received a check as part of a Retirement Plan or a Defined Benefit Plan and the Plan or employer no longer exists.
NOTE: You should consult with your tax advisor to determine any federal, state, local, non-US or other tax issues you may need to address regarding the distribution.