IRS announces a new alternative withholding adjustment option for pension plans. The optional adjustment is designed to prevent underpayments or reductions in potential refunds for certain pensioners where the new withholding tables, resulting from the Making Work Pay Tax Credit, are applied but the credit itself is not.
Document Excerpt
WASHINGTON — As part of a wider outreach effort to educate taxpayers about the benefits they will receive under the American Recovery and Reinvestment Act, the Internal Revenue Service today released new withholding adjustment procedures for pension plans.
Link http://www.irs.gov/newsroom/article/0,,id=208038,00.html
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