What is an Individual Indian Money account?
An Individual Indian Money (IIM) account is an interest-bearing account managed by the Department of the Interior, Bureau of Trust Funds Administration (BTFA) on behalf of an individual who has money or other assets held in trust for them by the Federal government.
How do I find my IIM account?
The individual may obtain a statement of their IIM account directly from the Office of Trust Funds Management through the Bureau of Indian Affairs (BIA) by requesting the information in person or by making a telephone request.
How do I know if I have an IIM account?
If you aren’t sure if you have an IIM account, you can request an IIM ledger report from the Office of the Special Trustee (OST). If you have an account, your IIM ledger report will tell you your balance and any deposits made into the account since it was established.
What is the Native American trust fund?
The Bureau of Trust Funds Administration provides banking and investment services to Native American beneficiaries who earn royalty income and other monies from activities on Federally-managed land. We have more than $5 billion under day-to-day management and disburse more than $1 billion annually.
What is the Cobell trust settlement?
The Cobell settlement was approved by Congress on November 30, 2010 (Claims Resolution Act of 2010) and signed by President Obama on December 8, 2010. The $3.4 billion Cobell Settlement includes a $1.9 billion Trust Land Consolidation Fund and $1.5 billion in direct payments to class members.
How do you get tribal money?
As I mentioned not all tribes receive money….Every tribe has their own specific requirements, but mostly you’ll need to provide:
- Birth certificate.
- Social Security Card.
- Proof of lineage – usually going back three generations and/ or having a parent enrolled with the tribe.
- Application fee – which can run from $5 to $20.
How do I get my Native American money?
Every tribe has their own specific requirements, but mostly you’ll need to provide:
- Birth certificate.
- Social Security Card.
- Proof of lineage – usually going back three generations and/ or having a parent enrolled with the tribe.
- Application fee – which can run from $5 to $20.
Is IIM taxable?
Is the money in my IIM account taxable? Most income derived directly from land held in trust by the U.S. Government is exempt from federal and state taxation for individual Indians. However, all interest income, capital gain income, and certain royalties are subject to federal and state taxes.
Does the US government owe Native Americans money?
After 13 years of litigation and 122 years of waiting, the United States government is finally paying Native Americans for profits earned on 54 million acres of Native land held “in trust” by the federal government since 1887.