When TBARs need to be reported sooner

Despite the “standard” reporting due dates for TBARs set out above, if a member has exceeded their transfer balance cap, then the trustee must report the following TBAR events in shorter time periods.

The first TBAR event which is subject to a shorter reporting time frame is where the individual has voluntarily commuted an income stream in response to an excess transfer balance determination.  In this case, the TBAR must be lodged within 10 business days after the end of the month in which the commutation occurred.

The other TBAR event which is subject to a shorter reporting time frame is the commutation of an income stream in response to a commutation authority.  In this case, the TBAR must be lodged within 60 days of the date of issue of the commutation authority.