Federal income tax withholding on monthly retirement benefits

Oct 28, 2019

This notice is being provided in accordance with federal regulations that require NHRS to notify you every year of your right to change your federal income tax withholding.  The most recent Form W-4P that you have filed with the retirement system automatically remains in effect, unless you file a new Form W-4P.

If you do not wish to make an election or to change your prior election, no action is necessary.

If you wish to increase or decrease the amount of federal income tax to be withheld from your retirement benefits, you must complete a new Form W 4P and return it to:

New Hampshire Retirement System
54 Regional Drive
Concord, NH 03301 8507

You may obtain a Form W-4P at www.irs.gov/pub/irs-pdf/fw4p.pdf, or by calling the IRS at 1-800-TAX-FORMS.  Form W-4P is also available at www.nhrs.org/retirees/forms.

Please be advised that, if you elect to have no federal income taxes withheld or if you do not have sufficient federal income tax withheld from your retirement benefits, you may be responsible for payment of estimated tax.  If you need assistance in estimating your tax, you should consult with a tax advisor or the IRS.  The retirement system cannot assist you in computing your estimated federal income tax. 

If federal income tax is not being withheld from your retirement benefits and you now wish to revoke that election and have federal income taxes withheld, you must complete a Form W-4P and return it to the retirement system at the address shown above. 

If you have never filed a Form W-4P with NHRS, the amount of federal income tax withheld from your retirement benefits will be computed as if you were a married individual claiming three withholding allowances.  In addition, if you file a Form W-4P with conflicting or missing information, NHRS will return the form to you for clarification and you will be treated as having not filed the form.  If you fail to provide the correct Social Security number, the amount of federal income tax that will be withheld will be computed as if you were a single individual claiming no withholding allowances.

For more information, call NHRS at 1-877-600-0158, extension 3671. 

Note: This notice will also be mailed.