Beginning January 1, 2023, Federal Tax Withholding Changes Must Be Made With New IRS Forms

The IRS revised Form W-4P and introduced Form W-4R for federal tax withholding(s) from your pension and savings plan distributions beginning January 1, 2023. URS is required to use these forms.

If You Don’t Wish to Make Withholding Changes
If you’ve previously selected tax withholding(s) with URS, you don’t need to take any action. Your previous federal tax withholding status will remain in effect*.

* Any changes you may see in your federal withholding will be due to changes in your taxable income and/or changes in IRS tax withholding tables, which generally change each year.

To Change Pension Payment Withholdings
Submit a new Form W-4P. The old form will no longer be accepted after December 31, 2022. Once we receive a valid Form W-4P, understand the change could take 30 to 60 days to reflect on your monthly benefit. URS will not make retroactive adjustments.

Don’t be surprised that the new Form W-4P looks very different. It asks for more information than previous versions, and federal withholding is calculated differently. Major changes include:

  • The default withholding rate changed from married claiming three dependents to single claiming no adjustments.
  • Personal allowances are no longer used.
  • A new head of household status.
  • Separate sections for including income from other jobs or pensions (including spouse income), claiming tax credits and deductions, and choosing additional amounts to withhold.

To Change Savings Plan Withholdings
Submit a new Form W-4R. The old form(s) will no longer be accepted after December 31, 2022.

State of Utah Withholding
To have State of Utah taxes withheld, submit separate form(s).

URS Does Not Offer Tax or Legal Advice
URS cannot provide advice for completing tax withholding forms, such as which marital status to select, whether you should include other income, which tax credits or deductions you are eligible for, if you should withhold additional amounts from lump-sum payments, or whether you should claim tax credits or deductions. For more information about Form W-4P and Form W-4R and the potential impact, visit and or consult a tax professional.

If you have questions about which tax forms you need and how to locate and submit them, call us at 801-366-7700.

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