By Laura Nixon
IRS TAX FORM CHANGE
Attention Benefit Recipients!!
The IRS has redesigned the federal tax withholding form (W-4P) for monthly pensions and annuities. The updated form includes substantial changes to the federal tax withholding elections available. Use of the form was optional for tax year 2022; however, the new W-4P must be used beginning in 2023.
This means anyone entering retirement in 2023, and all current benefit recipients that need to update/change their tax elections, will have to use the new form W-4P.
LOPFI staff does not give any tax advice to Members; therefore, you will need to contact your tax professional with any questions regarding tax elections and how to properly complete the new form W-4P.