Requirement For Obtaining Accountholder Social Security Number

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Question:

One of the owners of a joint account has died and was the individual whose social security number was certified when opening the account. Is there a time limit on getting the survivng owner's social security number certified?

Answer:

No, you will not find a specific time frame in the Internal Revenue Code. Technically, as long as your year end information reporting on the 1099INT is correct, you are O.K.

Your leverage in getting people to come in is the fact that you know the SSN is no longer correct. If you cannot get the customer to come in promptly, just remove the SSN from the account. Now you have an account with no TIN, back-up withholding applies...they will come in with a new SSN.

First published on BankersOnline.com 12/16/02