Your plan website has been updated
with the 2023 version of Form W-4R, as required by the Internal Revenue Service
(IRS). Updates include withholding instructions, a new and revised form, and
new withholding rates, where applicable. It is expected that the IRS will
update the withholding instructions annually.
Prior versions of the distribution
form will be accepted for processing through March 31, 2023, after which they
will not be considered in good order and will not be accepted for processing.
To avoid delays, always download a current version of the distribution form
directly from the plan website and begin using it right away.
As a reminder, Form W-4R is used
for nonperiodic distributions (those payable on demand). Learn more about the new form on the IRS website.
Participants can now choose a
federal withholding rate between 0–100% (instead of a minimum of 10%) to be
applied to distributions, such as hardship distributions or required minimum
distributions, that are not eligible for rollover into another retirement
vehicle. Distributions eligible for rollover and paid to the participant are
still subject to a mandatory 20% federal withholding rate, which can be
increased by the participant.
Vanguard Retirement Plan Access™ Quarterly
