The information to enter on a W-4P form includes full name, address, filing status and Social Security number, according to OpposingViews. The form also requires information about the number of allowances claimed and other amounts to withhold.Continue Reading
The federal government requires individuals whose income sources come from pensions, annuities or commercial annuities to file a W-4P in order to determine how much to withhold for tax purposes, states OpposingViews. The institution that makes payments to a pensioner withholds money for federal income taxes depending on the information the individual provides on his W-4P form.
When filing a W-4P, the Personal Allowances Worksheet assists the pensioner in determining what allowances to claim, notes OpposingViews. It considers factors such as a person’s filing status, number of current pensions and number of dependents to determine personal allowances.
The Multiple Pensions Worksheet is for people who have several pensions or additional income sources, says OpposingViews. Anyone who plans to claim considerable tax deductions or credits must fill out the Deductions and Adjustments Worksheet. A person submits a new form when he wants to adjust his W-4P due to changes in life circumstances, such as complete retirement that makes a pension the individual’s only income source.Learn more about Taxes