“BenefitsLink continues to be the most valuable resource we have at the firm.”
-- An attorney subscriber
|How Federal Tax Withholding Generally Works for Some Common Sources of Retirement Income|
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."
|Please click here to report this link if it is broken (for example, if you see a "404 File Not Found" error message after you click on the link above).|
|An important word about authorship: BenefitsLink® is providing a hypertext link to the item shown above, but is not the author of the item (unless otherwise specified).|