Fill - Thrivent Funds Excess Removal from Traditional IRARoth IRASEP

MF6535 R6-20Page 1 of 5

Thrivent Funds

Excess Removal from Traditional

IRA/Roth IRA/SEP IRA/SARSEP IRA

Member ID

Section 1 - General Information

Name of owner (print first, middle, and last name)

Phone

Fund/Account number(s)

Excess created from: Contribution Rollover Transfer

Section 2 - Excess Information

Part 1 - Complete if you filed your tax return timely and you are requesting your excess to be removed by the later of

(1) your tax filing deadline or (2) the date six months following your tax filing deadline (generally October 15).

Traditional/Roth IRA

Excess amount

Tax year excess contribution occurred

SEP IRA - I acknowledge this excess contribution was the result of an employer excess contribution. Based on IRS

regulations, the excess contribution has been re-designated as a traditional IRA contribution and I elect to remove the

amount as a traditional IRA excess.

If the employer wishes to recover the excess contributions, the employer would need to go through the IRS Employee

Plans Compliance Resolution System (EPCRS) rather than completing this form.

Excess amount

Calendar year contribution was received by Thrivent Financial

SARSEP IRA - I acknowledge this excess contribution was the result of an employer salary deferral. Refund the excess

contribution (adjusted for investment gains or losses) to the owner.

IRS regulations require earnings on any excess salary deferral distribution made prior to April 15 of the year following the

year of deferral, be reported by the owner as income for the year distributed. If you already filed your tax return, you need

to report the earnings on an amended tax return. If you are under 59 1/2, earnings may be subject to a 10% IRS premature

distribution penalty. See IRS Form 5329 for more information.

Excess amount

Calendar year contribution was received by Thrivent Financial

SARSEP earnings are taxable in the year distributed.

Part 2 - Complete if you did not file your tax return timely or it is past the tax filing extension deadline (generally

October 15).

When removing the excess after the tax filing deadline, the earnings on the excess are not required to be removed and

remain in the account/contract. Excess contributions after the tax filing deadline are subject to a 6% IRS penalty tax for each

year the excess remained in the account/contract.

Traditional IRA - Contributions can only be removed if the contribution amount exceeds taxable compensation or

maximum eligible contribution amount.

Roth IRA - Contribution can only be removed if the contribution amount exceeds taxable compensation or maximum

eligible contribution amount, or the modified adjusted gross income limits are exceeded, reducing the eligible contribution

amount. If you are removing a failed conversion, Thrivent Financial will send a corrected IRS Form 5498 for the year in

which the conversion was made which may require you to do corrective tax reporting.

Excess amount

Tax year excess contribution occurred

MF6535 R6-20Page 2 of 5

SEP IRA and SARSEP IRA - I acknowledge this excess contribution was the result of an employer excess contribution

(SEP IRA) or an excess employee salary deferral contribution (SARSEP IRA). Based on IRS regulations, the excess

contribution has been re-designated as a traditional IRA contribution and I elect to remove the amount as a traditional IRA.

Excess amount

Calendar year contribution was received by Thrivent Financial

Traditional IRA excess removals (includes re-designated SEP IRA and SARSEP IRA contributions)

Answer both the questions below. If either of the questions are not answered, Thrivent Financial will treat the excess

amount as a taxable event. Specifics on taxable compensation and maximum contributions can be found in IRS

Publication 590.

Yes No 1. Did the contribution exceed the maximum contribution amount?

Yes No 2. Did the contribution exceed your taxable compensation for the tax year?

Taxation for Traditional IRA

· If the answer to question 1 is yes, the excess amount must be included in gross income. If you are under age 59 1/2,

any taxable excess amount may be subject to a 10% premature distribution penalty (see IRS Form 5329 for more

information).

· If question 1 is no and 2 is yes, then the excess is not included in gross income and is not taxable. Thrivent Financial will

assume that the contribution was not deducted, or if deducted, that you amended your return within the time period(s) as

stated below. Therefore, Thrivent Financial will treat the excess amount over the taxable compensation as not taxable.

- If you did not take a deduction for the excess contribution amount, the excess amount over taxable compensation

would not be taxable; or

- If you took a deduction for the excess contribution, the excess amount over taxable compensation would be taxable

unless you file an amended return within three years after the return is filed, or within two years from the time the

tax was paid, whichever is less.

· If question 1 is no and 2 is also no, then this is not a true excess and cannot be removed as an excess.

· SARSEPs: The excess is taxable in the year of deferral and the year distributed. The earnings are taxable in the year

distributed.

Roth IRA excess removals

Answer all the questions below. Specifics on taxable compensation, maximum contributions and Modified Adjusted Gross

Income (MAGI) can be found in IRS Publication 590.

Yes No

1. Did the contribution exceed the maximum contribution amount?

Yes No

2. Did the contribution exceed your taxable compensation for the tax year?

Yes No

3. If the answer to question 2 is no, was your MAGI below the level to be eligible to contribute (full or

partial) to the Roth IRA?

Taxation for Roth IRA

· If the answer to question 1 is yes for a Roth IRA, excess is a return of cost basis therefore is not taxable.

· If question 1 is no and 2 is yes, then excess is not included in gross income and is not taxable.

· If question 1 is no and 2 is no, then:

- if question 3 is also no, the excess can be removed but since it is a return of cost basis, it is not taxable.

- if question 3 is yes, it is not a true excess and cannot be removed as an excess.

Section 3 - Distribution Option Desired

If no selection is made below for excess and earnings (where applicable), the excess amount and/or earnings will be

refunded to the IRA owner by check.

Send excess amount by:

Check Direct Deposit (complete bank info below) Apply to fund/account

Distribute excess to this fund/account number(s) Tax year

If new fund/account number(s), a new application is required. If no tax year is listed, the earnings will be applied to the

current year.

MF6535 R6-20Page 3 of 5

Earnings info below applies to requests using Part 1 only (not applicable if tax return was not filed timely or it is after the

extension deadline).

Send earnings by:

Check Direct Deposit (complete bank info below) Apply to fund/account

Distribute excess to this fund/account number(s) Tax year

For Direct Deposit only:

Name of account owner

Account number

Name of joint account owner

Name of financial institution

Financial institution phone

Address

City State ZIP code

Routing number

Type of account:

Checking

Savings

I authorize Thrivent Financial Investor Services Inc. to: 1) make electronic deposits, withdrawals and corrections to my bank

account that comply with U.S. law; 2) act on this authorization until I revoke it by contacting Thrivent Funds; 3) apply this

authorization to any future bank accounts I may designate; 4) make administrative changes to this authorization which I

request such as date or amount changes; 5) release any and all information related to this authorization to the third party

account/contract owner, and 6) act upon electronic deposit instructions I provide to my representative.

Section 4 - Additional Information

Section 5 - Notification for Federal and State Income Tax Withholding

No tax withholding will be completed on excess removals.

MF6535 R6-20Page 4 of 5

Section 6 - Validation

Medallion Signature Guarantee Seal or Notary Seal

Section 7 - Agreements and Signature

I certify that I have received, read, and agree to the Disclosures (page 5 of this form) and any other disclosures contained in

this form.

Signature of owner and date signed

Regular Mail:

Thrivent Funds

PO Box 219348

Kansas City, MO 64121-9348

Express Mail:

Thrivent Funds

430 W 7th St

Kansas City, MO 64105

Fax:

866-278-8363

Phone:

800-847-4836

Mail completed form to:

As used in this form, “Thrivent Financial” refers to Thrivent Financial for Lutherans and its subsidiaries, including

without limitation, Thrivent Life Insurance Company (Minneapolis, MN 55415) and Thrivent Investment Management,

Inc.

MF6535 R6-20Page 5 of 5

Disclosures

Section 1 - General Information

Rollover assets from another company (excess contribution was made prior to rolling to Thrivent Financial) - The

growth or loss incurred (at the originating financial institution) prior to the rollover of the excess contribution must be provided

prior to the requested removal of the excess contribution.

When listing the fund/account number, you are identifying the funds(s) within your IRA that you would like the excess

removed from. Unless otherwise specified, if multiple funds are listed, the excess amount, adjusted for gains or

losses, will be removed proportionately. Thrivent Financial is obligated to follow the IRS guidelines to determine the last

contribution made to any funds within your IRA when calculating gains or losses on the excess.

Section 2 - Excess Information

Filing due date generally means April 15. If the due date falls on a Saturday, Sunday or legal holiday, the due date is delayed

until the next business day. If you live in certain states and the filing due date falls on Patriot's Day, the due date is delayed

until the next business day. If the due date falls on Emancipation Day (April 16), the due date is delayed until the next

business day. In addition, certain disasters (hurricanes, floods, etc.) can generate additional delays as granted by the IRS.

The IRS will grant an automatic six-month extension if you file timely.

Section 6 - Validation

For your protection, validation of your identity is requested.

Redemption/disbursement transactions:

a. Greater than $499,999 will require a Medallion Signature Guarantee.

b. Greater than $99,999 and up to $499,999 will require one of the following forms of validations:

· Attestation by a Thrivent Financial representative

· A Notary Public

· A Medallion Signature Guarantee

c. Greater than $9,999, less than $99,999, and the address of record changed within the prior 15 days will require a

Notary Public or attestation by a Thrivent Financial representative.

d. Greater than $9,999, less than $99,999, and the bank information provided has been on record for less than 15 days

will require a Notary Public or attestation by a Thrivent Financial representative.

e. Requesting special distribution instructions will also require one of the three forms of validation listed in (b) above.

Examples include: Request to send proceeds to an address other than the one listed on your account, and/or request

to make proceeds payable to someone other than the current owner.

A Notary Public or Medallion Signature Guarantee may generally be obtained at any national bank.

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