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How Federal Tax Withholding Generally Works for Some Common Sources of Retirement Income
Charles SchwabLink to more items from this source
Dec. 17, 2021

"Traditional, SEP, and SIMPLE IRAs: Unless you specify otherwise, your plan's custodian will withhold 10% on taxable distributions.... 401(k), 403(b), and other qualified workplace retirement plans: Plan providers typically withhold 20% on taxable distributions ... Taxable, periodic (e.g., weekly or monthly) payments from annuities and pensions are treated as wages using the IRS withholding tables ... Withholding isn't required on Social Security payments, but a portion of your benefits may be taxable, depending on your income."

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