JD Supra

Reminder: Form W-4P Withholding Certificates on Periodic Pension or Annuity Payments Must Be Valid and Up to Date

Recipients of periodic or annuity retirement plan distributions provide a Form W-4P to payors of pension or annuity payments for the correct amount of federal income tax to be withheld from these ...
JD Supra

Implementing the New Forms W-4P and W-4R: One Year Later

Effective as of January 1, 2023, payors of qualified plan distributions have been required to use a redesigned IRS Form W-4P for payee withholding elections on periodic payments and a new Form W-4R ...
Benefits Pro

New IRS tax forms for retirement plan payment withholding, effective Jan. 1, 2023

As background, changes made by the Tax Cuts and Jobs Act in 2017 required the IRS to revise the withholding tables and develop new forms to use to withhold taxes from periodic payments. As we near the ...
JD Supra

Revised and New Retirement Plan Distribution Withholding Forms

Earlier this year, the IRS issued a revised Form W-4P (Withholding Certificate for Pension or Annuity Payments) and a new Form W-4R (Withholding Certificate for Nonperiodic Payments and Eligible ...
JD Supra

Reminder to Multiemployer Pension Plan Administrators: New Federal Income Tax Withholding Election Forms Are Mandatory

In January 2022, the Internal Revenue Service (IRS) changed the withholding election rules applicable to distributions from pension plans (a term that includes 401(k) plans, money purchase pension ...
JD Supra

Final Regulations Remove Longstanding Default Pension Withholding Provisions, but Delay New Form W-4P

The Tax Cuts and Jobs Act of 2017 amended long-standing periodic pension default withholding where a Form W-4P (or its substitute) is not received from the payee. Effective January 1, 2018, the Act ...
JD Supra

Update on Pending Withholding Forms W-4P and W-4R

Earlier this year, the IRS released draft versions of 2022 Forms W-4P and W-4R for pension and IRA withholding on payments, to be used beginning on or after January 1, 2022. In short, the draft forms ...
Arkansas Democrat-Gazette

EDITORIAL: Happy Tax Day!

The IRS intends to issue guidance concerning the telephonic submission of Form W-4P. However, payers who want to make programmatic changes concerning telephonic submissions of Form W-4P before the ...
JD Supra

Significant Changes to 2022 Pension and IRA Reports Reflected on Draft Withholding Forms

On March 12, the IRS released the latest versions of the 2022 draft withholding forms for pension, IRA and annuity payments. While pension withholding elections have historically all been made on Form ...
JD Supra

Reminder: New Tax Forms for Retirement Plan Payment Withholding Effective January 1, 2023

Retirement plan sponsors need to utilize updated Form W-4P (for periodic pension and annuity payments) and new Form W-4R (for nonperiodic payments and eligible rollover distributions) for income tax ...
JD Supra

Update on Pending Withholding Forms W-4P and W-4R (UPDATED)

Earlier this year, the IRS released draft versions of 2022 Forms W-4P and W-4R for pension and IRA withholding on payments, to be used beginning on or after January 1, 2022. In short, the draft forms ...