Clone/Split Distributions Video
The system is able to create a split distribution upon request. This is used when a participant wishes to receive their distribution in two different forms. For example, taking half of their distribution as a cash out, and half rolled into an IRA.
The first step to creating a Split distribution is to clone the parent record (the first distribution type). Select the Menu to the right of the distribution record on the dashboard (the three dots) and select ‘Clone Distribution’.
Alternatively, if you just finished the parent distribution, the confirmation screen also gives you the option to create a clone.
The system will clone Step 1 of the original distribution record and provide a blank Step 2 for indicating the second destination for funds.
Make sure to select Edit, and verify the contact information is accurate (please note that if anything in the contact information is changed, it will also alter the records linked to the Parent distribution.)
On Step 2, the only thing that is cloned is the ‘Approximate Vested Account Balance’. To finish, you will need to provide all the details for the second destination of funds:
When you are finish, click ‘Continue’ to save your data and a new distribution record should appear on your dashboard. Each parent distribution (first destination of funds) is denoted by a single person icon, while clones (second destination) are denoted by a pair:
If the parent record is selected, on the distribution summary page on the bottom right, any linked distributions will be noted:
When using the Split and clone options, the software will know that two 1099s will be needed as well, and will create the two filings with the appropriate code, based on the distribution type.
