Guest David G Posted June 18, 2001 Posted June 18, 2001 Does the recent revision of wage withholding tables by the IRS in connection with the new tax law and the change in rates impact withholding on periodic payments by qualified plans and 457 plans?
david rigby Posted June 19, 2001 Posted June 19, 2001 Hmmm. Not sure, but I think that the general rule is that withholding from periodic pension payments is based on the same table as for wages, whatever those tables might be. I'm a retirement actuary. Nothing about my comments is intended or should be construed as investment, tax, legal or accounting advice. Occasionally, but not all the time, it might be reasonable to interpret my comments as actuarial or consulting advice.
Guest David G Posted June 19, 2001 Posted June 19, 2001 Incidentally, Pub 15-T which was recently released by the IRS, states that the new wage withholding tables are to be used as soon possible for wages paid after 6-30-01 and as soon as possible for supplemental wage payments made after 08-6-01.
jlf Posted July 6, 2001 Posted July 6, 2001 If the distributee has not filed a W-4P with the payer, the payer will withhold based on married with 3 withholding allowances. A withholding allowance is worth $723.00. The value of the allowances is subtracted from the gross periodic payment with the remainder subject to withholding. Best wishes, Joel L. Frank
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now