- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
Assuming that this is a pension/defined benefit plan withdrawal, it would be best to contact your plan administrator or reference any statement/disbursement notice you received to confirm if taxes were withheld.
If any taxes have been withheld, they may or may not be sufficient for your annual total income tax. If the payments are on-going, the plan administrator will accept a W-4P or the information it contains to adjust your withholdings. You may wish to use a W-4 calculator like this one if you have other sources of income or need to make any adjustments: TurboTax W-4 Calculator
Your plan administrator will issue you a 1099-R form in early 2025. This will report the withdrawal and any taxes withheld, and should be included with your 2024 tax return.
**Mark the post that answers your question by clicking on "Mark as Best Answer"