- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
There are a few ways to accomplish this. The calculators can be confusing so I will try to simplify the process for you.
When completing your W-4P, I would start with a Single selection, then on Step 2, line b. III enter the total amount of income from all sources including the pension you will receive in 2024.
- To arrive at the amount of potential taxable income, add the income for the year, subtract your standard deduction, then use the tax tables for an estimated tax for all of 2024.
- 2024 Inflation adjustments (standard deduction)
- i1040tt.pdf (tax tables for 2023 can be used)
Do not complete Steps 3–4(b) on this form. Instead, you can add additional withholding on line 4(c). There are a couple of ways to decide the amount.
- If there was a balance due in 2023, take that amount and divide it by the number of pension payments you will receive for the rest of the year and enter that amount.
- Wait until you see what is withheld on the next pension payment(s) and then submit another W-4P with an amount in additional withholding to increase the amount of total withholding if you think it may not be enough.
You are allowed to submit as many W-4Ps as you need to and the plan administrator must make the changes you need.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
March 2, 2024
8:28 AM