Fill a Valid Iowa W 4P Template
The Iowa W-4P form is an important document for individuals receiving pension or annuity payments in Iowa. It allows residents to specify how much state income tax should be withheld from their retirement benefits. By completing this form, you can choose to have Iowa income tax withheld at a rate of 5% or based on specific withholding formulas. The form also provides options for exemptions, allowing eligible taxpayers to exempt a portion of their benefits from taxation. For instance, single filers can exempt up to $6,000, while married couples may exempt up to $12,000, provided they meet certain criteria. This form is essential for those who want to manage their tax obligations effectively and ensure compliance with state tax laws. Furthermore, it outlines eligibility requirements for tax exemptions based on age, disability, or survivor status, making it accessible for various individuals. Completing the Iowa W-4P form accurately can help avoid unexpected tax liabilities when retirement income is received.
Iowa W 4P Preview
Iowa Department of Revenue
www.iowa.gov/tax
2012 Iowa
Withholding Certificate for Pension or Annuity Payments
Name: _________________________________________________ SSN: _________________________
Address: ______________________________________________________________________________
City: _____________________________________ State: ____________________ Zip: ______________
Are you an Iowa resident? ............................................................................................
Iowa income tax is withheld only for Iowa residents.
Yes
No
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 above.
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) ................
Additional amount, if any, to be withheld from each benefit payment (whole dollars): $ ______________ .00
See instructions for eligibility requirements.
Signature: __________________________________________________________ Date:
Iowa
Eligibility Requirements
A partial exemption is provided to qualified Iowa residents receiving pensions, annuities,
Withholding Choices
An Iowa resident may choose to have Iowa tax withheld on the annual taxable amount, exempting $6,000. Married taxpayers may exclude up to $12,000 from the annual taxable amount.
Only the pension income of the spouse who meets the eligibility requirements can be excluded. If no choice is made, you will automatically be given a $6,000 exemption. If you are receiving retirement income from more than one source, you are still entitled to claim only a maximum $6,000/$12,000 exemption.
Low Income Exemption From Tax
Taxpayers 65 years of age or older: You are exempt if (1) You are single and your income is $24,000 or less, or (2) Your filing status is other than single and your combined income is $32,000 or less. NOTE: The amount of any pension exclusion and any Social Security
Taxpayers under 65: You are exempt if (1) Your net income is less than $5,000 and you are claimed as a dependent on another person’s Iowa return; or (2) You are single and your net income is $9,000 or less and you are not claimed as a dependent on another person’s Iowa return; or (3) Your filing status is other than single and your combined net income is $13,500 or less.
Claiming No Exemption
If this box is checked, Iowa income tax will be withheld on the entire amount of taxable benefits received.
Withholding Rates
Payers have the option of withholding at the rate of 5% or using the published withholding formulas or withholding tables.
Where To Send The Iowa
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.
Document Attributes
| Fact Name | Details |
|---|---|
| Purpose | The Iowa W-4P form is used to determine withholding for pension or annuity payments. |
| Governing Law | This form is governed by Iowa Code § 422.16. |
| Residency Requirement | Iowa income tax is withheld only for Iowa residents. |
| Exemption Amounts | Iowa residents can exempt $6,000; married filers can exempt $12,000. |
| Age Requirement | To qualify for certain exemptions, individuals must be 55 years or older. |
| Low Income Exemption | Taxpayers 65 or older may qualify for exemption based on income thresholds. |
| Withholding Rate | The default withholding rate is 5%, unless other formulas are chosen. |
| Multiple Sources | Only one maximum exemption of $6,000 or $12,000 can be claimed, even with multiple income sources. |
| Submission | Completed forms must be sent to the pension payer or payroll officer. |
| Signature Requirement | A signature and date are required on the form for it to be valid. |
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