The IRS has released the 2020 W-4P form. As an IMRF retiree, you need the W-4P to establish or change tax withholding from your benefits payments.
If you already have a W-4P on file with IMRF, you do not need to submit a new form unless you want to change your tax withholding. If you do not file a new W-4P, IMRF will compute your withholding based on the information from the existing W-4P we have on file.
One change in the 2020 W-4P form is that you can no longer elect to have a flat dollar amount deducted. Instead, you need to use the worksheets provided on the W-4P form or the
IRS online withholding estimator
to calculate your withholding.*
The quickest and easiest way to file W-4P tax withholding information is through our secure
. See the box at the bottom of the page for details.
A paper copy of the W-4P form is also available for download
. New this year, IMRF will use the IRS W-4P form instead of the previous IMRF adapted version of the form.
*If you are unsure about the correct withholding amount, please consult your tax advisor.