Federal Tax Withholding
You may elect not to have federal withholding apply, or you may elect to increase the rate of withholding. If left blank, IRS regulations require us to withhold federal income tax at a rate of 10% from your total nonRoth IRA distribution, even if you have made non-deductible contributions to your IRA. This may result in excess withholding of your distribution. Federal income tax will not be withheld from a distribution from a Roth IRA unless you elect to have such tax withheld.
State Tax Withholding
If you are a resident of AR, CA, DE, IA, KS, ME, MA, NE, NC, OK, OR, VT State income tax withholding is mandatory.
If Federal Income Tax is Withheld:
State income tax may be automatically withheld from your distribution whenever federal income tax is withheld. CA, DE and NC residents may elect not to have state tax withheld, even when federal tax is withheld, by indicating that you do not want it withheld. State income tax will be withheld according to the rates below, plus any additional dollar amount you may choose to indicate.
| Arkansas | 3% |
| California | 10% of Federal withholding |
| Delaware | 5% |
| Iowa | 5% |
| Kansas | 5% |
| Maine | 5% |
| Massachusetts | 5.25% |
| Nebraska | 5% |
| North Carolina | 4% |
| Oklahoma | 5% |
| Oregon | 8% |
| Vermont | 27% of Federal withholding |
If Federal Tax Income is Not Withheld:
AR, DE, IA, KS, MA, ME, NC, OK, OR, VT-State income tax may be elected in the state tax withholding section, even if you elect not to have federal tax withheld.
CA & VT-If you do not elect to have Federal income tax withheld, the State’s minimum withholding rate becomes zero. If you elect not to withhold Federal tax and wish to elect a withholding amount for the State, you must provide a flat dollar amount.
Whether or not you elect to have federal, and if applicable, state withholding apply, you are responsible for the full payment of federal income tax, any state or local taxes, and any penalties which may apply to your distribution. You may be responsible for estimated tax payments and may incur penalties if your estimated tax payments are not sufficient. This information should not be construed as tax advice. Please refer to your tax advisor regarding your individual situation.
How To Invest
OCM Gold Fund provides investors access to a firm that understands the history of money while also providing a knowledgeable and disciplined investment approach to the precious metals mining sector.