IRS TAX FORM CHANGE
Attention Benefit Recipients!!
The IRS has redesigned the federal tax withholding form (W4-P) 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 W4-P 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 W4-P form.
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 W4-P form.