Getting hit every year with a big federal tax bill? You may want to increase the federal withholding from your NYSLRS pension. Or maybe you’re getting a big tax refund every year. If you have too much withheld, you’re basically giving the government an interest-free loan. But whatever your situation, you can adjust the amount we withhold from your retirement benefit at any time. Just follow these Step-By-Step instructions.
- Print a Form W-4P (Withholding Certificate for Pension or Annuity Payments) from our website. (This is a fillable form, so you can type in the information before your print it out.)
- Fill in the top of the form with your name, address, last four digits of your Social Security number and Registration number (if known).
- Complete one of the three numbered sections. (Do not complete more than one section.)
- Complete Section 1 if you do not wish to have any federal income tax withheld.
- Complete Section 2 if you want us to figure how much to withhold, based on your marital status and number of federal exemptions. You can also have an additional amount withheld.
- Complete Section 3 if you know how much you want withheld. Remember, the amount you should include here is the total amount you want withheld from your pension, not the amount you want to add or subtract from your current withholding.
- Print the completed form.
- Date and sign the form.
- Mail or fax your form to NYSLRS. Our address and fax number are at the top of the W-4P form.
To find out how much we would withhold from your NYSLRS pension benefit based on your marital status and number of exemptions (if you’re completing Section 2 of the W-4P form), you can use our Federal Tax Withholding Calculator. You can also visit our website for other resources and more information about Taxes and Your Pension.