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OST urges Indian beneficiaries to read IRS notice on per caps
Posted: Wednesday, September 12, 2012
Office of the Special Trustee for American Indians
is urging Indian beneficiaries to read a new
Internal Revenue Service
notice regarding taxation of per capita payments.
Per Capita Payments from Proceeds of Settlements of Indian Tribal Trust Cases
, states that tribal members who receive a share of their tribal trust settlement won't have to report it as income. "This is very important information for tribal members who receive settlement funds. I hope each one will take just a few moments to read this IRS notice," acting Principal Deputy Special Trustee Michele F. Singer said today.
Tribal members across the nation are benefiting from hundreds of millions of dollars in per capita payments. The IRS notice ensures they will not be penalized for the federal government's failure to manage tribal trust funds and assets.
Social Security Administration
issued a message,
Tribal Trust Accounting and Management Settlement
, which states that eligibility for Social Security or Medicare benefits under won't be affected by a per capita payout.
Many tribal members also stand to benefit from a share of the $3.4 billion
Cobell trust fund settlement
. Although payments are being held up by appeals, Congress dictated that they won't be subject to income taxes and won't affect federal benefits.
IRS affirms per capita payouts from trust settlements not taxable
Social Security Administration issues ruling on trust payouts
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