Thanks Vanessa and Ernie, very helpful answers. One more detailed question.
My wife and I are retied with two sources of income: my pension and a monthly distribution from my 401K. Our monthly income from each is equal to the other, i.e., each contributes 50% of my monthly income.
My current withholding is too low, so I am submitting a new W-4P to the pension provider. If I include the income from my 401K on line 2(b)(ii) will withholding on my pension be doubled to accommodate the 401K distributions (from which income tax is already withheld)?
Or should I ignore line 2(b)(ii) and simply complete a new W4-P (or whatever) for my 401K distributions as well?
