Important tax information for TRSL retirees
August 23, 2018TRSL retirees and beneficiaries:
Following the passage of the 2017 Federal Tax Cuts and Jobs Act and subsequent changes to 2018 federal withholding tax tables, the IRS created a withholding calculator to help taxpayers determine the correct amount of federal income tax to withhold.
Throughout 2018, the IRS has been reminding taxpayers to review their tax situations and use the IRS withholding calculator to ensure that they will have the correct amount of taxes withheld from their 2018 income.
The withholding calculator is the easiest, most accurate way for taxpayers with complicated tax situations to determine the correct withholding.
The IRS strongly advises two-income families, persons working multiple jobs, and persons who itemize deductions to check their withholding immediately to prevent being over-withheld or under-withheld when the 2018 tax returns are filed in 2019.
Taxpayers can use the results from the withholding calculator to determine if they should complete a new Form W-4P, Withholding Certificate for Pension or Annuity Payments and if so, what information to put on the form. Also, taxpayers whose personal circumstances change during the year should use the withholding calculator to determine if their withholding should be adjusted.
Both the IRS Withholding Calculator and Form W-4P can be accessed via the IRS website. Form W-4P is also available through TRSL's secure online Member Access.