Are you a new retiree facing a back tax debt you can’t pay in full today? Book a call with me at

Retirement and taxes can be complicated but they don’t have to be. As you enter into the next chapter of life don’t take tax problems with you.

In this video, I walk you through what a form W-4P is and why it is important to have it properly filled out when you begin taking payments from your pensions, annuities, and other retirement accounts.

If you have a tax debt under $20,000 you qualify for a guaranteed payment plan with the IRS. Qualified taxpayers can pay the debt off within 36-72 months, have all tax returns filed, and have their withholding correct(ed).

If that’s you check out my e-book: Guaranteed Payment Plan. I’ll walk you through how to set up your payment arrangement online or on the phone.

If you have more questions about retirement income and taxes check out Episode 13 of the Tax Relief with Timalyn Bowens podcast: Retirement and Taxes. You can stream it on your favorite podcast platform or directly from www.americasfavoriteea.com/podcast .

If you found this video helpful please let me know in the comments.

Disclaimer: This video is for informational and educational purposes only. It provides a
framework and possible solutions for solving your tax problems, but it is not legally binding. Please consult your tax professional regarding your specific tax situation….(read more)

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How to Fill Out IRS Form W-4P: A Step-by-Step Guide

If you receive distributions from a pension, annuity, or other similar retirement plan, it is likely that you will need to fill out IRS Form W-4P. This form is used to determine how much federal income tax should be withheld from your payments. Filling out Form W-4P correctly is crucial to ensure that you have the right amount of taxes withheld, preventing any potential surprises when it comes time to file your tax return. In this article, we will provide you with a step-by-step guide on how to fill out Form W-4P accurately.

Step 1: Personal Information
Begin by entering your personal information in Part I of the form. This includes your name, address, Social Security Number (SSN), and the type of retirement payments you are receiving.

Step 2: Withholding Certificate
Check the box in Part II if you are providing this form to the payer or withholding agent of your retirement plan. If this is the case, you don’t need to fill out the remaining sections of the form. However, if you are filing this form with the IRS, you will need to proceed to Step 3.

Step 3: Marital Status
In Part III, select your marital status (Single, Married, Married but withholding as Single, or Married but withholding at a higher Single rate). These options will determine the amount of tax withholding taken from your retirement payments.

Step 4: Exemptions
Indicate the number of federal income tax exemptions you are claiming in Part IV. Each exemption can potentially reduce the amount of taxes withheld from your distributions, so it is important to know the appropriate number. You can claim an exemption for yourself, your spouse, and any dependents you have, as long as you meet the required criteria.

Step 5: Additional Withholding
If you want an extra amount of money withheld from each payment to cover any potential tax liabilities, you can specify that in Part V. While this step is optional, it can be useful if you have other income sources or if you anticipate owing additional taxes.

Step 6: Signature and Date
Finally, sign and date the form in Part VI to certify that the information provided is accurate to the best of your knowledge. If the form is not signed, it may be considered invalid, causing delays or errors in the processing of your tax withholding.

Remember, it is crucial to update your Form W-4P if there are any changes in your financial situation that may affect your tax liability. This includes changes in your marital status, dependents, or any other factors that might impact your withholding.

Once you have completed the form, submit it to your retirement plan payer, who will then apply the withholding as per your instructions. If you are unsure of any information or need additional assistance, consult with a tax professional or refer to the IRS instructions for Form W-4P (available on the official IRS website).

By following these steps and ensuring that you provide accurate and up-to-date information on your Form W-4P, you can guarantee that the appropriate amount of federal income tax will be withheld from your retirement plan distributions. Taking the time to properly complete this form will ultimately save you from any unpleasant surprises during tax season.