Earlier this year, the IRS released its latest draft of the 2022 Form W-4P, Withholding Certificate for Periodic Pension or Annuity Payments. This revised form imposes a new default withholding
Earlier this year, the IRS released its latest draft of the 2022 Form W-4P, Withholding Certificate for Periodic Pension or Annuity Payments. This revised form imposes a new default withholding rate and requires significant personal retiree financial information be retained by the payor. In addition to the W-4P changes, there is also a new Form W-4R for eligible rollover distributions and non periodic payments.
However, the details of its implementation by NCTR systems and the potential impact on retirees appears not to have received much attention until now. With the IRS set to release its final forms in December, and no clear indication that implementation at the beginning of next year will be delayed, what should plans be doing to be ready to comply? Also, what will be the impact of possible increases in withholding on current retirees?
For answers to these and other questions concerning this significant development and possible “resolutions” of issues that the IRS has indicated may be in the works, be sure to join NCTR for a discussion that will cover the implementation of the new form, technical and administrative challenges, as well as the legal issues surrounding its impact on NCTR system members and retirees.
(Thursday) 3:00 pm - 4:00 pm