Friday, March 24, 2023

Download the New IRS W-4R Withholding Form

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.