Iowa Form W-4p - Withholding Certificate For Pension Or Annuity Payments - 2013

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Iowa Department of Revenue
2013 Iowa W-4P
Withholding Certificate for Pension or Annuity Payments
Name: _________________________________________________ SSN: _________________________
Address: ______________________________________________________________________________
City: _____________________________________ State: ____________________ Zip: ______________
Are you an Iowa resident? ............................................................................................
Yes
No
Iowa income tax is withheld only for Iowa residents.
I choose not to have income tax withheld from my pension/annuity .......................................................
NOTE: If you are an Iowa resident and the taxable portion of your annual distribution is greater
than $6,000 ($12,000 married Iowa filers), Iowa tax must be withheld if federal tax is being withheld
unless you qualify for the low income exemption described in the instructions below.
I choose to have Iowa income tax withheld from my pension/annuity at a rate of 5% (or based on the
published withholding formulas if the payer so chooses). Select one of the following:
• claiming no exemption (see instructions)..........................................................................................
• exempting $6,000 in benefits each year ...........................................................................................
• exempting $12,000 in benefits each year (married – status 2, 3, or 4 – Iowa filers only) ................
.00
Additional amount, if any, to be withheld from each benefit payment (whole dollars): $ ______________
See instructions for eligibility requirements.
Signature: __________________________________________________________ Date:
Iowa W-4P Instructions
Eligibility Requirements
Low Income Exemption From Tax
A partial exemption is provided to qualified Iowa residents
Taxpayers 65 years of age or older: You are exempt if (1)
receiving pensions, annuities, self-employed retirement benefits,
You are single and your income is $24,000 or less, or (2) Your
deferred compensation, IRA distribution, or other retirement
filing status is other than single and your combined income is
benefits. To qualify you must be 55 years of age or older,
$32,000 or less. Note: The amount of any pension exclusion and
disabled or a surviving spouse or other survivor of an individual
any Social Security Phase-out exclusion must be added back to
who would have qualified for the exclusion in the tax year. To
income for purposes of determining the low income exemption.
be considered disabled you must be receiving the retirement
Only one spouse must be 65 or older to qualify for the
income on the basis of a documented disability or you must
exemption.
meet federal or state criteria for disability. Social Security
Taxpayers under 65: You are exempt if (1) Your net income is
benefits are not covered by this exemption. Federal Civil
less than $5,000 and you are claimed as a dependent on another
Service annuitants who want Iowa tax withheld from federal
person’s Iowa return; or (2) You are single and your net income
pensions should call the Office of Personnel Management toll-
is $9,000 or less and you are not claimed as a dependent on
free at 1-888-767-6738 or e-mail retire@opm.gov.
another person’s Iowa return; or (3) Your filing status is other
than single and your combined net income is $13,500 or less.
Withholding Choices
An Iowa resident may choose to have Iowa tax withheld on the
Claiming No Exemption
annual taxable amount, exempting $6,000. Married taxpayers
If this box is checked, Iowa income tax will be withheld on the
may exclude up to $12,000 from the annual taxable amount.
entire amount of taxable benefits received.
Only the pension income of the spouse who meets the
Withholding Rates
eligibility requirements can be excluded. If no choice is
made, you will automatically be given a $6,000 exemption. If
Payers have the option of withholding at the rate of 5% or using
you are receiving retirement income from more than one source,
the published withholding formulas or withholding tables.
you are still entitled to claim only a maximum $6,000/$12,000
exemption.
Where To Send The Iowa W-4P
Return the completed form to the person who handles your pension/retirement check, or, if planning to retire, your current payroll
officer. If you are a federal employee, return it to OPM.
44-020 (08/21/12)

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