Federal tax withholding changes
For the 2023 tax year, the Internal Revenue Service (IRS) released dozens of inflation adjustments affecting individual income tax brackets, deductions, and credits.
The Retirement and Investment Office (RIO) can adjust federal tax withholding on your Teachers’ Fund for Retirement (TFFR) pension payments.
How to adjust federal tax withholding
1. To adjust federal tax withholding for TFFR pension payments, complete IRS form W-4P. The form and IRS instructions are on RIO’s website homepage, www.rio.nd.gov, and the IRS website, www.irs.gov.
2. Send the completed form to RIO via US mail, fax, or secure email. (Only the front page of the form with your personal information, income or pension, dependent and other adjustments, and signature is required.)
Do I need to adjust my withholding?
You are not required to take any action. Adjusting your withholding is at your discretion.
Recommendations
- Review your withholding annually. Tax withholding is found on your Annual Statement Benefit Notice and the 1099R tax statement that are mailed to you each January.
- If you have questions about a tax issue, consult a qualified tax advisor, accountant, or the IRS (online tools and resources). RIO's staff cannot provide tax advice.
Additional IRS Resources
Tax Withholding for Individuals
Tax Withholding Estimator
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