The Internal Revenue Service (IRS) revised the federal tax withholding form W-4P in 2022. VCERA had a temporary grace period but will begin using the revised 2023 version of Form W-4P on January 1, 2023.

If you plan to change your tax withholding at the end of 2022 or beginning of 2023, you will need to use the right form as described below:

• Complete the current Federal Income Tax Withholding Form  &
• California State Income Tax Withholding Form if you can submit it in time for VCERA to receive it by no later than December 31, 2022. VCERA must receive your Federal & California State Income Tax Withholding Form by that date for it to be valid. VCERA will reject any Federal & California State Income Tax Withholding Form received on or after January 1, 2023, even if they are received in an envelope with an earlier postmark date.

• Complete the 2023 version of the Federal W-4P if you will be submitting your withholding on or after January 1, 2023. Please wait until January 1, 2023 before submitting the 2023 W-4P form to VCERA as we are unable to process it before that date.  For changes to your California taxes, a DE 4P form will be required effective January 1, 2023.

Refer to IRS Publication 15-T available at www.irs.gov for more information about the redesigned federal tax withholding form.  You may also obtain a copy of Internal Revenue Service Publication 575 (“Pension and Annuity Income”) or visit www.irs.gov for more information on the taxation of your retirement benefit.

VCERA cannot provide you with tax advice regarding the taxation of your retirement benefit or federal or state tax withholding. If you have questions, please consult with a professional tax advisor.