Get Arizona 652 Form

How to Use Arizona 652

After obtaining the Arizona 652 form, the next step involves accurately filling it out to report abandoned property. Ensure that all required information is complete and correct before submission.

1. Begin by entering the Holder Name at the top of the form.
2. Provide the Federal Employer Identification Number.
3. In the Grand Total Remitted field, write the total amount being reported.
4. Fill in the Item No. and Account # for the property being reported.
5. Indicate the Check # associated with the remittance.
6. Select the appropriate NAUPA Property Type.
7. Enter the Cash Amount Remitted.
8. Provide the Interest Rate applicable to the property.
9. Fill in the Last Activity Date for the property.
10. Complete the Owner’s Last Name and First Name / Middle Initial fields.
11. Enter the Owner’s Mailing Address, including City, State, ZIP Code, and Country.
12. Input the Owner’s Tax ID (either SSN or EIN).
13. Provide the Owner’s Date of Birth.
14. Select the NAUPA Relationship Code.
15. Indicate any Fee/Drilling Cost associated with the property.
16. Enter the No. of Shares Remitted if applicable.
17. Fill in the Security/Mutual Fund Name.
18. Provide the CUSIP No..
19. Enter the Date of Death if applicable.
20. If there is more than one owner, complete the additional fields for each owner, including Last Name, First Name / Middle Initial, Tax ID, Relationship Code, Date of Birth, and Date of Death.
21. Ensure all information is accurate and complete before submitting the form.

Filling out the Arizona 652 form can be a straightforward process, but many people make common mistakes that can lead to delays or complications. One frequent error occurs when individuals fail to provide complete information. Each section of the form requires specific details, such as the owner's full name, mailing address, and Tax ID. Omitting any of these crucial pieces of information can result in the form being returned or rejected.

Another mistake often seen is the incorrect entry of the Tax ID number. Whether it’s a Social Security Number (SSN) or Employer Identification Number (EIN), accuracy is vital. Even a single incorrect digit can create significant issues, leading to confusion and potential legal ramifications. Double-checking this information before submission is advisable.

Additionally, people sometimes overlook the importance of the last activity date. This date is essential for determining whether the property is considered abandoned. If this date is inaccurately recorded or left blank, it could cause complications in processing the claim. Ensuring that this date is correct is crucial for a smooth submission.

Another common oversight is related to multiple owners. When there is more than one owner for a property, all necessary details for each owner must be provided. Failing to include additional owners or not filling out their information completely can hinder the process. Each owner’s relationship to the property and relevant identification numbers must be accurately reported.

People also sometimes misinterpret the NAUPA property type. This classification is critical for proper categorization of the abandoned property. Mislabeling or selecting the wrong property type can lead to processing errors. Familiarizing oneself with the NAUPA codes before filling out the form can help avoid this pitfall.

Lastly, individuals may neglect to review the entire form before submission. A final check can catch simple mistakes such as typos or missing signatures. Taking the time to thoroughly review the completed form can save a lot of time and effort in the long run. By being mindful of these common mistakes, individuals can enhance their chances of a successful submission of the Arizona 652 form.

When dealing with unclaimed property in Arizona, it’s important to understand that the Arizona 652 form is just one piece of the puzzle. Several other documents may be necessary to ensure compliance and facilitate the process. Here’s a brief overview of five forms often used alongside the Arizona 652 form.

• Arizona Form 653: This form serves as a detailed report of unclaimed property, similar to the Arizona 652 but includes additional sections for different types of property. It helps provide a comprehensive view of all unclaimed assets held by a holder.
• Arizona Form 654: This document is used for claiming property that has been reported as abandoned. It allows individuals or entities to formally request the return of their assets and includes sections for necessary identification and proof of ownership.
• W-9 Form: The W-9 is a request for taxpayer identification number and certification. It is often needed when remitting funds to ensure that the correct tax identification is used for reporting purposes, especially if the property involves cash or securities.
• Claimant’s Affidavit: This affidavit is a sworn statement from the claimant asserting their right to the unclaimed property. It typically includes details about the property and the claimant’s relationship to the original owner.
• NAUPA Guidelines: The National Association of Unclaimed Property Administrators (NAUPA) provides guidelines and best practices for reporting unclaimed property. Familiarity with these guidelines can help ensure that all necessary information is accurately reported and compliant with state laws.

Understanding these documents can significantly streamline the process of handling unclaimed property. Always ensure that you have the correct forms ready to avoid delays and complications. Time is of the essence when it comes to reclaiming assets, so be proactive in gathering the necessary paperwork.

The Arizona 652 form is a critical document used for reporting abandoned property. It serves a specific purpose, but there are several other documents that share similarities with it. Here’s a look at eight of those documents, each with its unique focus but common themes of ownership, property, and reporting.

• NAUPA Report: This is a standardized report used across many states for unclaimed property. Like the Arizona 652, it includes details about the owner, property type, and amounts owed.
• Unclaimed Property Holder Report: This document is submitted by businesses and organizations that hold unclaimed property. It mirrors the Arizona 652 in its requirement for owner information and property specifics.
• Claim for Unclaimed Property: Individuals use this form to claim property that has been reported as abandoned. It requires similar details about ownership and property type, akin to the information found in the Arizona 652.
• Property Transfer Document: This document facilitates the transfer of ownership of property. It shares the need for identifying owners and property details, similar to the Arizona 652.
• Affidavit of Heirship: Used to establish the rightful heirs to a deceased person's property, this document requires detailed owner information, paralleling the Arizona 652’s focus on ownership.
• Estate Inventory Form: This form outlines the assets of a deceased person’s estate. It includes information about property types and owners, much like the Arizona 652.
• Tax Return for Abandoned Property: Similar in that it reports unclaimed funds, this document requires details about the owner and the amounts, echoing the structure of the Arizona 652.
• Business Dissolution Documents: When a business closes, it often reports any remaining assets. These documents require owner and asset information, similar to the Arizona 652’s reporting needs.

Each of these documents emphasizes the importance of clear ownership and property details, ensuring that rightful owners can reclaim what is theirs. Understanding these similarities can help in navigating the complexities of property reporting and claims.

When completing the Arizona 652 form for reporting abandoned property, it is essential to follow specific guidelines to ensure accuracy and compliance. Below are nine key do's and don'ts to consider.

• Do verify the accuracy of all information before submission.
• Do include complete names and addresses for all owners.
• Do provide the correct Tax ID numbers for each owner.
• Do check the last activity date to ensure it is accurate.
• Do use the correct NAUPA property type codes.

• Don't leave any fields blank unless specifically instructed.
• Don't use abbreviations or nicknames for owners' names.
• Don't forget to include the total cash amount remitted.
• Don't submit the form without reviewing it for errors.

Misconceptions about the Arizona 652 form can lead to confusion and mistakes. Here are eight common misunderstandings explained.

• Only banks need to file the Arizona 652 form. Many people believe that only financial institutions are responsible for this form. In reality, any business or entity holding unclaimed property must file it.
• The form is only for cash assets. Some think the Arizona 652 form applies solely to cash. However, it covers various types of unclaimed property, including securities and mutual funds.
• Filing is optional. There’s a misconception that filing the form is optional. In fact, it is mandatory for holders of unclaimed property to report it annually.
• All unclaimed property is automatically reported. Some individuals assume that unclaimed property is reported by default. However, holders must actively complete and submit the Arizona 652 form.
• The deadline for filing is the same every year. Many believe that the filing deadline is fixed. In reality, the deadline can vary, so it’s essential to check each year.
• Only the original owner can claim the property. It’s a common myth that only the original owner has rights to the property. In fact, heirs or legal representatives can also make claims.
• Once filed, the property is lost forever. Some think that after filing, the property disappears. On the contrary, it is held by the state until claimed by the rightful owner.
• Filing the form is a lengthy process. Many fear that completing the Arizona 652 form is complicated and time-consuming. While it requires attention to detail, the process can be straightforward with the right information.

Understanding these misconceptions can help ensure that unclaimed property is reported correctly and that rightful owners can reclaim what is theirs.

When dealing with the Arizona 652 form, understanding its requirements and processes is essential. Here are nine key takeaways:

• The Arizona 652 form is used to report abandoned property to the Arizona Department of Revenue.
• Accurate completion of the form is crucial. Ensure all fields are filled out correctly to avoid delays.
• Include the holder's name and Federal Employer Identification Number (FEIN) at the top of the form.
• Each item of abandoned property must have a corresponding account number and check number.
• Provide detailed owner information, including the last name, first name, mailing address, and Tax ID (SSN or EIN).
• Be aware of the required dates, such as the owner's date of birth and the last activity date for the property.
• If there are multiple owners, fill out the additional owner fields completely for each owner.
• Include relevant property details like the NAUPA property type, cash amount remitted, and any applicable fees.
• Submit the form on time to ensure compliance with Arizona's unclaimed property laws.

By keeping these points in mind, you can navigate the process of filling out and using the Arizona 652 form more effectively.