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New Member
posted Apr 25, 2024 5:03:09 PM

Newly retired..my pension took out taxes first year automatic like I thought would always happen then the next year no taxes came out sent us a w-4p after the fact ?

We didn't think to check if taxes were coming out of pension

0 2 8266
2 Replies
Employee Tax Expert
Apr 25, 2024 5:42:46 PM

There is nothing you can do about it now for tax year 2023, but fill out the W-4P and give it to your pension administrator so you can avoid this next year.  

 

IRS - Tax Payment options.  If you're facing financial hardship, you may be eligible to ask for a temporary collection delay until your finances improve.

Level 15
Apr 25, 2024 6:32:02 PM

The user of W-4P seems to be a recently added requirement.

If you got payouts without submitting that form,

 I would assume the custodian would withhold a default amount (10% or 20%).

 

@k-gmurphy