How are withdrawals reported to the IRS? You or the student will receive IRS Form 1099-Q in the first quarter, if you made a withdrawal the previous year.The below forms are for Franklin Templeton funds. Do NOT use these forms for Western Asset Money funds. General. You can request a withdrawal from your NJBEST 529 Plan account at any time. Complete this section to request a systematic Required Minimum Distribution (RMD). • If the withdrawal date falls on a non-business day, the transaction will be. Fill in forms are now available. Send franklin templeton beneficiary transfer distribution request form via email, link, or fax. You can also download it, export it or print it out.