Business, Legal & Accounting Glossary
Withholding Certificate for Pension or Annuity Payments. This form is used for U.S. citizens, resident aliens, or estates that are receiving pensions or annuities. It is used for notifying the General Board of the elected amount of federal income tax to withhold from benefit payments. If a taxpayer is currently receiving benefit payments that are expected to last at least ten years or that are being paid over the taxpayer’s life expectancy, then the taxpayer has the right to revoke or change their withholding election by submitting a new IRS form W-4P to the General Board.
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This glossary post was last updated: 20th November, 2021 | 0 Views.