The CARES Act, signed into law on March 27, 2020, provides the opportunity to recontribute the funds to an eligible retirement plan within three years without regard to that year’s cap on contributions.
If you received a CRD due to adverse conditions created by COVID-19, and would like to re-contribute (return) up to the full amount of the CRD, including any federal income tax withheld, please contact Customer Solutions to request a CRD Recontribution Self-Certification form.
The CARES Act permits a CRD to be treated as an indirect rollover if returned within a three year period from the distribution date with no tax consequences. If you took a CRD you will receive a 1099R for the CRD amount from GuideStone. The distribution should be reported as taxable income, but also reported as an indirect rollover if recontributed. If you took a CRD and elected for federal income tax to be withheld, in order to avoid paying income tax on the withholding amount, you will need to re-contribute the gross amount of the CRD. We encourage you to contact a competent tax advisor with questions on filing your income tax return.
Steps to take to re-contribute a CRD:
- Contact Customer Solutions to request a CRD Recontribution Self-Certification form
- Determine the amount of the CRD, up to the full amount, that you would like to recontribute and make out a check payable to GuideStone Financial Resources
- Mail the completed form and check to:
GuideStone Financial Resources
5005 LBJ Freeway, Ste. 2200
Dallas, TX 75244-6152
Please contact a Customer Solutions Specialist at 1-888-98-GUIDE (1-888-984-8433). Our Customer Solutions Specialists are available Monday through Friday between 7 a.m. and 6 p.m. CST for your convenience.