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IRS: Form W-4P explained

As people continue to file their taxes, some are wondering what specific forms they need in order to file with the IRS.

W-4P form to submit to the IRS for correct federal tax withholding

One of these forms that people struggle to understand is Form W-4P, which is called Withholding Certificate for Pension or Annuity Payments.

Form W-4 explained

W-4P Form for the IRS explained

This form is used specifically for taxpayers that receive pensions, annuities, and other deferred compensation.

This lets people know how much in federal income taxes should be withheld from payments.

There are five total steps to filling out your W-4P, but not all five may be required.

IRS: W-2 Form for wages and taxes explained

All employees are required to provide personal information for step one and their signature for step five.

The Form provides instructions for steps two through four if you need to fill those out.

The form changed in 2020 to make it easier to comprehend.

This in turn makes it so withholding will be more accurate.

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