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New Member
posted May 29, 2024 1:32:24 PM

Filling out a W4P correctly

I'm single and just retired this past Feb.

1.  I have worked until Feb2, taxes have been taken out of my salary income according to the W-4.

2. Then I retired Feb2, so my income for the rest of the year will come from Social Security, Pensions, and IRA.

3.  I have submitted a W-4V for taxes to be taken out for Social Security.

4. I'm trying to figure out the W-4P for my 2 pensions.   I used the www.irs.gov/W4app calculator.  Result gave me no taxes.  Pensions don't amount to too much.  So I filled out W4-P checking off "single" , didn't enter anything in Step2 and entered 0 in Step 3 and 4.  Question:  How can I fill this out so they take out taxes as I want to "claim" 0.  Did I do it right?

5. I have taxes taken out for my IRA distribution using W4-V.

Thank you for any feedback.

0 3 21855
3 Replies
Employee Tax Expert
May 29, 2024 1:45:53 PM

As the tool you used suggested no withholdings based on the information provided, I suggest you select the option on the form W-4P (Line 4C) in Step 4 to have an additional amount withheld if you are adamant about having Federal taxes withheld on your Pension.  Step 3 may not apply to your situation. Make sure that you included all income in your calculations. 

 

Thank you for joining us today and have a great rest of your day!
SMcKnight, EA

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Employee Tax Expert
May 29, 2024 2:08:01 PM

Hello and good afternoon, JAC27!

Filling out the form W-4P can seem a bit tricky when you have multiple pensions and other sources of income.

The most important part of filling out this form accurately comes in Step 2 (b)(ii) and step 4 (a). 

  • In Step 2, look at line (b)(ii), this is where you will need to enter the total amount of all the other pensions and income from other jobs from yourself and your spouse. 
  •  In Step 4, look at line(a), this is where you will need to enter the total amounts of any other taxable income that is not from a job or pension, including your taxable Social Security income.

For additional information and resources, please click below:

 

Thank you for joining us today and have a great rest of your day!

Terri Lynn, EA

 

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New Member
Nov 19, 2024 9:05:14 AM

Hello,

 

Just a quick question on the W-4P. Do you need to fill out the W-4P for each pension/annuity plan that you will be receiving distributions from or do you just fill it out for the highest plan paid out? When I was reading the forms instructions and looking at examples it seemed like they were alluding that only the highest dollar plan have a W-4P filled out. I was having a hard time understanding though.

 

Thanks!