News & Announcements
Redesigned W-4P
January 27, 2023
The Internal Revenue Service (IRS) redesigned the W-4P in 2022 with substantial changes to the federal tax withholding elections available. Use of the form was optional for tax year 2022, however the IRS requires the new form to be used beginning January 2023. The IRS Form W-4P is now included in PERA’s member application for pension packet and income tax withholding form. PERA retirees and beneficiaries who already receive monthly benefit payments and do not wish to make changes to their federal tax withholding elections are not required to file a new income tax withholding form. Retirees and beneficiaries may change their withholding option at any time by submitting a new income tax withholding form. More information on the federal income tax withholding and the IRS Form W-4P can be found in 2023 Publication 15-T on the IRS website: https://www.irs.gov/pub/irs-pdf/p15t.pdf.