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New Tax Withholding Tables
The Internal Revenue Service (IRS) recently released new tax withholding tables that incorporate the Making Work Pay tax credit. This is one of the provisions included in the American Recovery and Reinvestment Act of 2009 stimulus bill recently passed by Congress.
These new tables may result in less federal tax withheld from your benefit payment, so you may see an increase in the amount of your PERS benefit payment beginning with the April 1, 2009 payment. The increase is a result of these new tables and not due to a change in your PERS benefit.
The new tax tables decrease the amount of taxes withheld so this may change your tax situation at the end of the year. Please consult with your tax advisor if you have questions about these changes.
Benefit recipients can change the amount of federal taxes withheld from their PERS benefit by filing a revised Form W-4P.