In 2023 the Internal Revenue Service (IRS) revised its pensions and annuity withholding certificate, Form W-4P, to reflect new withholding rules. In this brief video, the District of Columbia Retirement Board provides an overview of the new IRS W-4P withholding form, including an explanation of what has changed from the previous version and instructions for completing and submitting it. The purpose of the W-4P is for payers to withhold the correct amount of federal income tax from periodic pensions and annuities.
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