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State Income Tax Withholding for Maryland on retirement plan distribut


Guest Kevin Plymyer

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Guest Kevin Plymyer
Posted

My question is in regards to the required 20% withholding on the employer contributions. I know that you can submit the federal withholding to the IRS using the form 8109-B for those of us who are not electronic filers. My question is how do we submit withholding for any State Tax that is withheld from a distribution. Is their a universal form or is this a state by state consideration??

Could someone point me in a direction to find out the policy and procedure for submitting State Withholding.

Posted

You might try this:

http://www.sisterstates.com/

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.

Posted

Kevin,

This withholding rules for retirement plans are on a state by state basis. I am the Tax Manager responsible for depositing the withholding taxes on behalf of 600 plans in 42 states.

Some states have mandatory withholding, some have opt out rules and others are voluntary withholding states.

Feel free to drop me a note with any state specific question

Posted

I cannot vouch for its accuracy, but this is a pretty good summary:

http://www.cigna.com/professional/news/com...st/y2ksw_w.html (click on State Withholding Information Sheet for a nice summary.)

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.

  • 3 years later...

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