Getting back Federal W/H from Thrivent donation
Posted: Tue Feb 11, 2025 3:23 am
Hello
A church member had a life insurance policy with Thrivent for about $13K and signed it over to our church. I filled out some forms and the church is now the 'owner' of this - but I did not see anywhere on the forms where I could opt out of withholding Federal Taxes. But, they withheld $1200 or so taxes from the $13K or so donation.
I did get a form back 1099-R that shows the amount withheld.
How do we get the withheld taxes back?
As a church, we don't file a tax form where we would request withholding back, like a 1040 would.
A church member had a life insurance policy with Thrivent for about $13K and signed it over to our church. I filled out some forms and the church is now the 'owner' of this - but I did not see anywhere on the forms where I could opt out of withholding Federal Taxes. But, they withheld $1200 or so taxes from the $13K or so donation.
I did get a form back 1099-R that shows the amount withheld.
How do we get the withheld taxes back?
As a church, we don't file a tax form where we would request withholding back, like a 1040 would.