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#2193747 - 09/25/18 07:09 PM IRA Wittholding Notice and Election
KRT Offline
Member
Joined: Nov 2006
Posts: 59
Southeast US
What is the requirement for notifying account holders of their right to revoke their income tax withholding election? If an IRA account holder has a year-end automatic distribution set up, do you send a separate withholding notice to them, and if so, when?

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Operations Compliance
#2214737 - 06/01/19 12:14 AM Re: IRA Wittholding Notice and Election KRT
el guapo Offline
Gold Star
el guapo
Joined: Jul 2004
Posts: 345
From the 2019 Form W-4P, Periodic Payments:

For periodic payments, your Form W-4P stays in effect until you change or revoke it. Your payer must notify you each year of your right to choose not to have federal income tax withheld (if permitted) or to change your choice.

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