Hi Justice5002020!
This TurboTax W-4 calculator can assist:
https://turbotax.intuit.com/tax-tools/calculators/w4/?srqs=null&cid=ppc_gg_nb_stan_all_na_sitelink-c...
Looking at the form, if step 2 item (b)(i) is blank, and if you only have this one pension, you are prompted to complete steps 3 through 4(b). The more allowances you claim, the less tax will be withheld. Another alternative is, if you are currently receiving periodic payments, take a look at the current withholding and divide it by the distribution. If this percentage is in line with what your tax rate is based on these tax brackets, you may not need to make a change.
https://turbotax.intuit.com/tax-tips/irs-tax-return/current-federal-tax-rate-schedules/L7Bjs1EAD
You'll also want to check with your state to see if they will tax your pension. States vary, and if they tax pensions, you're plan administrator should be able to withhold for the state as well.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Please say "Thanks" by clicking the thumbs up icon in a post
***Mark the post that answers your question by clicking on the "Mark as Best Answer"
