Question on NEW W4-P form 2022
I will be receiving 2 pensions soon albeit small. I filled out a form last week that used the older W4-P just asking for number of exemptions.
Today I received a new application for a different pension that pays a bit more per month/year. This packet did not have the state withholding form attached even though I reside in a taxable pension state. I mentioned this to the person on the phone but did not get an answer on this. But it will be about $4000 total per year so I am not overly concerned and will take care of it when I do my taxes each yer.
Married filing jointly with wife. I am retired, not working. Wife is working.
SO this wondrous new 2022 W4-P (is different and Google did not help).... appears like it wants me to put my wife's taxable income on line 2i . And then since my other pension (from last weeks form - different company, is about $200 a month) to put $2400 on line 2ii .
Is this correct? I just do not want too much taken out. As mentioned I filled out an old W4-P sent to me last week for Pension 1 ($200 a month) and then got this packet today which is a revised form. And since pension 1 is less than Pension 2, I am just trying to follow instructions.
Tried to call IRS 12 times, no luck, just too busy and hung up on me.
Searched google.
Also reached out to a friend who worked for the IRS and retired recently who may know about this but one cannot know everything. I do not have a tax adviser.
https://www.irs.gov/pub/irs-pdf/fw4p.pdfThank you so much in advance,
Sincerely
Peter
