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Tax Withholding Elections
Retirees may change tax withholding elections by submitting a written request. There are two different options on which to change your monthly withholding option. OTRS does not always apply every updated IRS tax withholding change – nor do we guarantee the amount withheld will be adequate to cover the tax liability on your total income. Please visit with your tax advisor before completing this form.
Option 1 allows you to update or change your marital status and the number of exemptions. Selection of this option will use suggested tax tables to calculate the appropriate amounts that would be owed if this is the only income for your household. If this is not the only income, then the other source(s) of income would also need to have a prorated amount of taxes withheld in order to avoid a large tax bill the following year.
Option 2 allows you to choose the dollar amount you would like withheld for federal taxes and /or Oklahoma “State” taxes. If you do not live or maintain property in Oklahoma, it might be appropriate to choose a zero (0) dollar amount for Oklahoma taxes. When selecting the dollar amount to be withheld for Oklahoma taxes, please keep in mind that Oklahoma excludes the first $10,000 in retirement income earnings.
Tax withholding forms and other retiree updates must be received within the first part of the month to be encoded by the 15th to change the next retirement benefit issued on the first of the following month.