TLH QSF Fair Fund

FINAL UPDATE: The distribution phase is now completed and monies from payments not negotiated have been transferred to the SEC for transmittal to the United States Treasury. The Distribution Administrator can no longer issue or make payments from the TLH QSF Fair Fund.

ATTENTION: The TLH QSF Fair Fund distribution is closing soon. If you need to have your check reissued, please contact the Administrator on or before March 26, 2024 at 844-292-8016, Monday through Friday, between 9:00 AM and 6:00PM ET. Please cash your original or reissued check before April 29, 2024 otherwise you will forfeit this payment. Monies that are not cashed will be returned to the United States Treasury.

NOTE: Please DO NOT try to negotiate your original or reissued check(s) after April 29, 2024 as the payment will no longer be valid and your banking institution may charge you a fee for presenting a stale dated check. Neither TLH QSF Fair Fund nor the distribution fund Administrator will be responsible for fees that your bank may charge for presenting a check(s) after April 29, 2024.

What are the tax ramifications of this distribution?

Betterment LLC retained Miller Kaplan Arase, LLP (MKA) to provide tax advice relating to the TLH QSF Fair Fund, including regarding its information return reporting and withholding obligations. In addition, MKA prepared the “Statement to Affected Advisory Clients” or SAC.

The SAC is not, and is not intended to be, tax advice to the affected investors. The SAC does describe the tax reporting positions taken by the TLH QSF Fair Fund and points out some issues affected advisory clients may wish to consider, along with their tax advisors.

Statement to Affected Advisory Clients.pdf

NOTE: You may wish to consult with your tax advisor with respect to the tax consequences of the distribution payment, including the effects of U.S. Federal, State, Local, and Non-U.S. tax rules and the effect of possible changes in laws.

Will I receive a Form 1099 to use when filing my taxes?

You will receive a Form 1099-INT for the distribution if you cash the check, are a U.S. person and the interest portion of your distribution is $600 or more and the payment is being made to you as opposed to a retirement account or plan.
You will receive a Form 1042-S if you cash the check and:

You are a Non-Resident Alien;
We do not have a W-8 and W-9 to prove your tax status; or
You are subject to FATCA reporting.

The TLH QSF Fair Fund is a Qualified Settlement Fund (QSF) under the Internal Revenue Code.

The 1099-INT or 1042-S will be produced and mailed under separate cover by Miller Kaplan Arase, LLP (MKA); and
Reported to the IRS for the tax year in which the payment is made.

Additional information on the possible tax treatment of this distribution is available on the IRS website: www.irs.gov

For additional questions related to your payment, re-issuing payments, or if you are the beneficiary of a payment made to a deceased client, please Contact Us for further information.