IRS Form W-4P, Withholding Certificate for Pension or Annuity Payments, also known as the "pension withholding tax form", is a document used by U.S. citizens, resident aliens, and their estates who receive annuities, pensions, and other deferred compensation to inform payers of the accurate amount of the federal income tax to be withheld from the payments. Additionally, it is possible to choose not to have any income tax withheld from the payment or to have an additional amount of tax withheld. Usually, federal income tax withholding applies to the taxable payments made from profit-sharing, annuity, pension, stock bonus, commercial annuities, and deferred compensation plans.
The form is renewed every year. The latest version of the form was released by the Internal Revenue Service (IRS) in 2020 with all previous editions obsolete. A fillable W-4P Form is available for download below. If you claimed exemption from federal income tax withholding the previous calendar year, you must file a new form by February 15 to prolong your exemption for another year. The IRS recommends submitting a new IRS W-4 Form each year and every time your financial or personal situation undergoes a change.
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