How to Fill out W-4V Form?
You can ask your payer to withhold federal taxes using the W-4V Form when you first apply for benefits or compensation. However, this is not obligatory, and you can submit the form later when you decide to start withholding. The withholding you choose on this form will remain in force until the payments stop or until you change it by completing a new form.
Instructions for the IRS Voluntary Withholding Request are as follows:
- This form is not the only document used to request tax withholding. Your payer may have their own form, and you will have to use it instead;
- The form must be given to the payer, not to the IRS;
- When you request withholding on social security benefits, you need to send the completed Form W-4V to your local Social Security Administration office;
- To know when income tax withholding begins you need to ask your payer directly;
- You can change your withholding rate or stop the process by submitting a new W-4V Form.
W-4V Form Instructions
- State your full name and social security number;
- Write down your home address;
- Enter your identification or claim number you use with your payer. It may be your own social security number;
- Indicate if you want federal income tax withheld from the unemployment compensation, and the payer will withhold 10% of each payment;
- If you receive other government payments, state the percentage (7%, 10%, 12%, 22%) you want to be withheld from the payments;
- If you want to stop withholding, check the appropriate box;
- Sign and date the form.
IRS W-4V Related Forms
- IRS Form W-4, Employee's Withholding Allowance Certificate is a document completed by employees to let the employer know how much money to withhold from their paychecks for federal taxes.
- IRS Form W-4P, Withholding Certificate for Pension or Annuity Payments 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 federal income tax to be withheld from the payments. Usually, federal income tax withholding applies to the taxable payments made from profit-sharing, annuity, pension, stock bonus, commercial annuities, and deferred compensation plans.
- IRS Form W-4S, Request for Federal Income Tax Withholding from Sick Pay is a document the employee needs to give to the third-party payer of the sick pay, for example, an insurance company if the employee wishes federal income tax withheld from the payments.