Your signature Date Cat. No. 10225T Form W-4P 2014 Page 2 Deductions and Adjustments Worksheet Note. Your previously filed Form W-4P will remain in effect if you do not file a Form W-4P for 2014. What do I need to do Complete lines A through G of the Personal Allowances Worksheet. This is the additional annual withholding needed. 9 Divide line 8 by the number of pay periods remaining in 2014. For example divide by 12 if you are paid every month and you complete this form in December 2013. Enter...the result here and on Form W-4P line 3 page 1. When should I complete the form Complete Form W-4P and give it to the payer as soon as possible. Get Pub. 505 Tax Withholding and Estimated Tax to see how the dollar amount you are having withheld compares to your projected total federal income tax for 2014. 505 Tax Withholding and Estimated Tax to see how the dollar amount you are having withheld compares to your projected total federal income tax for 2014. You also may use the IRS Withholding...Calculator at www.irs.gov/individuals for help in determining how many withholding allowances to claim on your Form W-4P. Do not use the rest of this worksheet. Note. If line 1 is less than line 2 enter -0- on Form W-4P line 2 page 1. Complete lines 4 through 9 below to figure the additional withholding amount necessary to avoid a year-end tax bill. 7 Find the amount in Table 2 below that applies to the HIGHEST paying pension or job and enter it here 8 Multiply line 7 by line 6 and enter the...result here. This is the additional annual withholding needed. 9 Divide line 8 by the number of pay periods remaining in 2014. Form W-4P Department of the Treasury Internal Revenue Service OMB No* 1545-0074 Withholding Certificate for Pension or Annuity Payments Purpose. Form W-4P is for U*S* citizens resident aliens or their estates who are recipients of pensions annuities including commercial annuities and certain other deferred compensation* Use Form W-4P to tell payers the correct amount of...federal income tax to withhold from your payment s. You also may use Form W-4P to choose a not to have any federal income tax withheld from the payment except for eligible rollover distributions or payments to U*S* citizens delivered outside the United States or its possessions or b to have an additional amount of tax withheld. Your options depend on whether the payment is periodic nonperiodic or an eligible rollover distribution as explained on pages 3 and 4. Use the additional worksheets on...page 2 to further adjust your withholding allowances for itemized deductions adjustments to income any additional standard deduction certain credits or multiple pensions/more-than-one-income situations. If you do not want any federal income tax withheld see Purpose earlier you can skip the worksheets and go directly to the Form W-4P below. Sign this form* Form W-4P is not valid unless you sign it. Future developments. The IRS has created a page on IRS*gov for information about Form W-4P and its...instructions at www*irs*gov/w4p* legislation enacted after we release it will be posted on that page.
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Instructions and Help about IRS W-4P
How to edit IRS W-4P
How to fill out IRS W-4P
Instructions and Help about IRS W-4P
How to edit IRS W-4P
To edit the IRS W-4P form, download the form in an editable format. Use a platform like pdfFiller, which allows you to make necessary changes to the form directly online. You can fill in new information or correct any errors before saving or printing the updated document.
How to fill out IRS W-4P
To fill out the IRS W-4P form accurately, follow these steps:
01
Obtain the latest version of the W-4P from the IRS website or through reliable tax resources.
02
Indicate your personal information, including your name, address, and Social Security number.
03
Claim your allowances and any additional desired withholding amounts in the appropriate sections.
04
Review the completed form for accuracy before submission.
Completing the W-4P form correctly ensures that your withholding matches your tax liability, reducing potential tax due or refunds.
About IRS W-4P 2014 previous version
What is IRS W-4P?
What is the purpose of this form?
Who needs the form?
When am I exempt from filling out this form?
Components of the form
Due date
What are the penalties for not issuing the form?
What information do you need when you file the form?
Is the form accompanied by other forms?
Where do I send the form?
About IRS W-4P 2014 previous version
What is IRS W-4P?
The IRS W-4P is a form used by individuals to request federal income tax withholding from pension or annuity payments. Specifically, the form is intended for payees receiving periodic payments from pensions, annuities, or other retirement sources. It informs the payer of how much federal tax to withhold from payments.
What is the purpose of this form?
The purpose of the W-4P is to allow recipients of pension and annuity payments to adjust their federal tax withholding. Proper completion of the form ensures that the correct amount of tax is withheld and helps taxpayers manage their overall tax responsibilities. An accurately completed W-4P can prevent under-withholding, which may result in tax penalties.
Who needs the form?
Individuals who receive pension or annuity payments and wish to have federal income tax withheld from these payments should complete the W-4P. This includes retirees and beneficiaries of pension plans or retirement accounts. If you are unsure about your eligibility, consult with a tax professional to ensure compliance with IRS regulations.
When am I exempt from filling out this form?
You may be exempt from completing the IRS W-4P if you meet certain criteria set by the IRS. For instance, if you do not expect to owe any federal income tax for the year or had no tax liability in the previous year, you may qualify for an exemption. Therefore, review IRS guidelines or consult a tax advisor to determine your eligibility for exemption.
Components of the form
The W-4P consists of a few essential components, including sections for providing your personal information, indicating your tax status, and claiming any allowances. Each section is tailored to capture specific withholding preferences that the IRS uses to determine the correct withholding amount. It's crucial to fill out each part accurately to ensure proper tax assessments.
Due date
The IRS W-4P does not have a specific due date; however, it should be submitted to your payer before you receive your first pension or annuity payment for which you want withholding to apply. If you wish to modify your withholding instructions in the future, you can submit an updated W-4P at any time. Timeliness in submission can help ensure correct withholding from your payments.
What are the penalties for not issuing the form?
Failing to issue the W-4P when required can lead to insufficient federal tax withholding from your pension or annuity payments. This may result in a tax shortfall and potential penalties during tax filing. If not enough tax is withheld, you could face a tax bill when you file your return, and in some cases, you may incur additional penalties for underpayment.
What information do you need when you file the form?
When filing the W-4P, you will need personal details such as your full name, address, Social Security number, and pension or annuity payment details. You also need to provide any necessary information regarding your allowances and any additional withholding amounts you wish to request. Have this information on hand to ensure a smooth filing process.
Is the form accompanied by other forms?
The W-4P may need to accompany other forms or documentation depending on your specific tax situation. For instance, if you are also claiming exemptions or adjustments on other income sources, supplementary forms may be required. Review IRS instructions or consult a tax professional regarding additional forms that may align with your filing requirements.
Where do I send the form?
After completing the W-4P form, it should be submitted directly to the payer of your pension or annuity. This could be your employer or the financial institution managing your retirement benefits. Ensure that your payer receives the completed form before deadlines to maximize the accuracy of tax withholding from your payments.
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