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Post by artraveler on Jan 30, 2023 10:24:48 GMT -8
I received the following from my pension plan.
The IRS has revised Form W-4P and introduced form W-4R. for withholding from pension and savings distributions beginning 1 January 2023. The IRS is requiring the use of the new form.
Now, in a sane world this should not mean much for retirees, however the default positions of the IRS is to the maximum withholding. The effect is that unless you fill out the new revised form you may be hit with additional federal withholding on your pension, and 401K plans. Since most retirees income is non-taxable many have used the old form W-4p and requested zero withholding. Additionally, the new form also is more invasive asking questions about sources of income.
I suggest you contact administrators of your retirement plans for clarification. Don't give the government an interest free loan if you don't have to.
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Brad Nelson
Administrator
עַבְדְּךָ֔ אֶת־ הַתְּשׁוּעָ֥ה הַגְּדֹלָ֖ה הַזֹּ֑את
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W-2
Jan 30, 2023 14:03:23 GMT -8
Post by Brad Nelson on Jan 30, 2023 14:03:23 GMT -8
Good advice.
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