Ira Form Withholding PDF Details

The IRA State Income Tax Withholding Election, known formally as Form 2312, is a critical document for individuals seeking to manage the tax implications of distributions from their Individual Retirement Account (IRA). This form allows IRA owners to specify their preferences for state tax withholding for the states that mandate or offer this option alongside or independent of federal tax withholding. It is designed to alleviate the potential burden of estimated tax payments by enabling direct withholding from IRA distributions, thereby possibly preventing underpayment penalties. The form caters to residents of specific states with varying rules and withholding rates, offering a tailored approach to state tax obligations. For example, some states, such as Iowa, Kansas, Maine, and others, require state income tax to be withheld if federal income tax is withheld, with specific rates defined for each. Others allow for elections to be made irrespective of federal withholding decisions. The form also includes provisions for residents of states with no specified rate, allowing them to designate a percentage or fixed amount for withholding. This flexibility underscores the importance of accurately understanding and navigating the specifics of state tax requirements, thereby emphasizing the significance of Form 2312 in the financial planning and tax compliance processes for IRA distributions.

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Form NameIra Form Withholding
Form Length2 pages
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Avg. time to fill out30 sec
Other namesfederal employment forms w 4, ira state income tax withholding election form 2312, how to remit ira tax withholding to state of california, ira federal and state withholding

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IRA STATE INCOME TAX WITHHOLDING ELECTION

(FORM 2312)

Please Print or Type

___ ___ ___ ___ ___

CID# (Organization will complete.)

 

Financial Organization Name

___ ___ ___ - ___ ___ - ___ ___ ___ ___ - ___ ___

 

Social Security Number

IRA Suffix

Account Number

$

IRA Owner’s Name (First, Initial, Last)

State Withholding Amount

GENERAL INFORMATION

Having state income tax withheld from your IRA payments, when combined with other state withholding, may relieve you from payment of estimated tax.

However, you may still be required to pay estimated tax if your total withholding and estimated tax payments are not sufficient. The amount of income tax you pay is not affected by your withholding election.

If this withholding election applies to periodic payments, we may adjust your withholding rate as required to meet future changes in withholding rates.

See reverse side for specific rules of states for which state withholding applies.

This state withholding election applies to payments described on the form to which it is attached.

WITHHOLDING ELECTION

If you are a resident of Iowa, Kansas, Oklahoma, or Vermont, or are required to file a tax return in Maine, Massachusetts, or Nebraska and your financial organization has an office in that state, check the appropriate box. State income tax is withheld in all of these states if federal income tax is withheld. Some of these states also allow you to elect state withholding even if you elect not to have federal income tax withheld.

o1. Iowa Withhold 5.0% because I elected federal withholding.

o2. Kansas (5.0% withholding rate). (Check one box below.) o a. Withhold because I elected federal withholding. o b. Withhold regardless of my federal election.

o3. Maine Withhold 5.0% because I elected federal withholding.

o4. Massachusetts (Check one box below.)

oa. Withhold 5.2% because I elected federal withholding.

ob. I am not required to pay Massachusetts income taxes on this/each payment.

o5. Nebraska (5.0% withholding rate). (Check one box below.)

To elect a withholding rate greater than 5.0%, complete the Other section below.

oa. Withhold because I elected federal withholding.

ob. Withhold regardless of my federal election.

o6. Oklahoma (5.0% withholding rate). (Check one box below.) o a. Withhold because I elected federal withholding.

o b. Withhold regardless of my federal election.

o7. Vermont (2.4% withholding rate). (Check one box below.) o a. Withhold because I elected federal withholding. o b. Withhold regardless of my federal election.

If you are a resident of Arkansas, California, Connecticut, District of Columbia, Louisiana, Michigan, New Jersey, or North Carolina, or are required to file a tax return in Montana, Oregon, or Wisconsin and your financial organization has an office in the state, check the appropriate box:

oWITHHOLD state income taxes from my payment(s). o 1. Arkansas (3.0% withholding rate).

o 2. California (1.0% withholding rate).

o 3. Connecticut. I want $ ________________ withheld from this/each payment (fill in the amount).

o 4. District of Columbia (8.95% withholding rate). Withholding is required from all lump-sum distributions (see page 2 for exceptions).

o5. Louisiana. I want ______% withheld from this/each payment (fill in the percentage - must not exceed 4.8%).

o6. Michigan (Check box a or b below. You may also check box c to withhold an additional percent.)

oa. 4.25% withholding rate.

ob. Withhold $ ________________ from this/each payment based on my election on Form MI W-4P.

oc. Withhold an additional ______% from this/each payment based on my election on Form MI W-4P.

o7. Montana. I want $ ________________ withheld from this/each payment (fill in the amount).

o 8. New Jersey. I want $

.00 withheld from this/each payment (fill in the amount - must be an even dollar amount).

o9. North Carolina (4.0% withholding rate).

o10. Oregon (8.0% withholding rate).

o11. Wisconsin. I want $ ________________ withheld from this/each payment (fill in the amount).

oDO NOT WITHHOLD state income taxes from my payment(s). Residents of Michigan and North Carolina must also check the appropriate box below. o 1. I am a resident of Michigan and have completed Form MI W-4P in order to elect that state taxes are not withheld from my payment(s). o 2. I am a resident of North Carolina and have completed Form NC-4P in order to elect that state taxes are not withheld from my payment(s).

Other. Use this section to elect a withholding rate not listed above.

I file a tax return in ________________ (fill in name of state). Check one box below.

o1. I want $ ________________ withheld from this/each payment (fill in the amount).

o2. I want ________________% withheld from this/each payment (fill in the percentage).

IRA OWNER’S/BENEFICIARY’S SIGNATURE

I have read and understand the Specific State Rules on page 2 of this form and agree to abide by those rules and conditions. No tax advice has been given to me by the Trustee or Custodian. All decisions regarding this withholding are my own. I expressly assume the responsibility for any adverse consequences that may arise from this withholding election and I agree that the Trustee or Custodian shall in no way be held responsible.

X

_________________________

IRA Owner’s/Beneficiary’s Signature

Date (MM/DD/YYYY)

 

Stock #80024

 

2312

© 2013 Ascensus, Inc., Middleton, WI

(Rev. 2/2014)

SPECIFIC STATE RULES

Arkansas: Any payment from an IRA is subject to Arkansas withholding at 3.0% of the gross payment unless you elect no withholding. Complete this form to elect either withholding or no withholding. If you do not complete this form, then Arkansas income taxes will be withheld. You may change your withholding election at any time, applicable to payments made after the change. Arkansas withholding applies to Arkansas residents only.

California: Any payment from an IRA is subject to California withholding at 1.0% of the gross payment unless you elect no withholding (1.0% is equal to 10.0% of the amount computed for federal withholding). Complete this form to elect either withholding or no withholding. If you do not complete this form, then California income taxes will be withheld. You may change your withholding election at any time, applicable to payments made after the change. California withholding applies to California residents only.

Connecticut: Any payment from an IRA is subject to Connecticut withholding when you elect withholding and specify an amount. If you elect withholding, we are not required to withhold the amount you specify if it would result in a net payment of less than $10. You may change your withholding election at any time, applicable to payments made after the change. Connecticut withholding applies to Connecticut residents only.

District of Columbia: Any lump-sum distribution from an IRA, except for any after-tax amount in a lump-sum distribution or a trustee-to-trustee transfer between IRAs, is subject to mandatory District of Columbia (DC) withholding at 8.95% of the gross payment amount. DC withholding applies to DC residents only.

Iowa: Any payment from an IRA is subject to Iowa withholding at 5.0% of the gross payment if federal income taxes are withheld from that payment. Complete this form only if federal income taxes are withheld. Iowa withholding applies to Iowa residents only.

Kansas: Any payment from an IRA is subject to Kansas withholding at 5.0% of the gross payment if federal income taxes are withheld from that payment or if you request Kansas withholding in writing even if federal income taxes are not withheld from the payment. Kansas withholding applies to Kansas residents only.

Louisiana: Any payment from an IRA is subject to Louisiana withholding only if you elect withholding and specify a percentage not to exceed 4.8% of the gross payment. Complete this form to elect withholding. If you do not complete this form, then Louisiana income taxes will not be withheld. Louisiana withholding applies to Louisiana residents only.

Maine: Any payment from an IRA is subject to Maine withholding at 5.0% of the gross payment if federal income taxes are withheld from that payment. Complete this form only if federal income taxes are withheld.

Massachusetts: Any payment from an IRA is subject to Massachusetts withholding at 5.2% of the gross payment if federal income taxes are withheld from that payment. (EXCEPTION:

A payment is not subject to Massachusetts withholding if it is excluded from taxation under Massachusetts law.) Complete this form only if federal income taxes are withheld.

Michigan: Any taxable payment from an IRA received by an IRA owner or beneficiary born after December 31, 1945, is subject to Michigan withholding at 4.25% of the gross payment, unless you furnish the IRA Trustee or Custodian with a Form MI W-4P. Withholding is also applicable to any taxable payments received by an IRA owner or beneficiary born before 1946 that exceed certain income thresholds. Withholding is not required on qualified

distributions from Roth IRAs. You may obtain Form MI W-4P from the Michigan Department of Treasury. Complete Form MI W-4P, provide it to the IRA Trustee or Custodian, and check the appropriate box(es) on the front of this form based on your election on Form

MI W-4P. If you do not complete this form and provide it to the IRA Trustee or Custodian, then Michigan income tax will be withheld. Michigan withholding applies to Michigan residents only.

Montana: Any payment from an IRA is subject to Montana withholding when you elect withholding and specify an amount. If you elect withholding, we are not required to withhold the amount you specify if it would result in a net payment of less than $10. You may change your withholding election at any time, applicable to payments made after the change.

Nebraska: Any payment from an IRA is subject to Nebraska withholding at 5.0% of the gross payment if federal income taxes are withheld from that payment or if you request Nebraska withholding in writing even if federal income taxes are not withheld from the payment. To specify a withholding rate greater than 5.0%, complete the Other section of the form to indicate your desired withholding percentage.

New Jersey: Any payment from an IRA is subject to New Jersey withholding when you elect withholding and specify an amount. If you elect withholding, we are not required to withhold the amount you specify if the withheld amount would be less than $10 (per payment). You may change your withholding election at any time, applicable to payments made after the change. New Jersey withholding applies to New Jersey residents only.

North Carolina: Any payment from an IRA is subject to

North Carolina withholding at 4.0% of the gross payment unless you elect no withholding on form NC-4P. You may change your withholding election at any time, applicable to payments made after the change. Form NC-4P can be downloaded from the State of North Carolina website (nc.gov) by searching for NC-4P. If you do not complete this form and provide it to the Trustee or Custodian, then North Carolina income tax will be withheld. North Carolina withholding applies to North Carolina residents only.

Oklahoma: Any payment from an IRA is subject to Oklahoma withholding at 5.0% of the gross payment if federal income taxes are withheld from that payment or if you request Oklahoma withholding in writing even if federal income taxes are not withheld from the payment. Oklahoma withholding applies to Oklahoma residents only.

Oregon: Any payment from an IRA is subject to Oregon withholding at 8.0% of the gross payment unless you elect no withholding. You may change your withholding election at any time, applicable to payments made after the change.

Vermont: Any payment from an IRA is subject to Vermont withholding at 2.4% of the gross payment if federal income taxes are withheld from that payment or if you request Vermont withholding in writing even if federal income taxes are not withheld from the payment. Vermont withholding applies to Vermont residents only.

Wisconsin: Any payment from an IRA is subject to

Wisconsin withholding when you elect withholding and specify an amount. If you elect withholding, we are not required to withhold the amount you specify if the withheld amount would be less than $5 (per payment). You may change your withholding election at any time, applicable to payments made after the change.

Other: Your financial organization will receive notification to use this section if additional states require withholding from IRA distributions.

How to Edit Ira Form Withholding Online for Free

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ira state income tax withholding 2312 gaps to fill in

Make sure you write down the demanded information in the o o Kansas withholding rate, on thiseach payment, o Nebraska withholding rate, If you are a resident of Arkansas, o WITHHOLD state income taxes from, o Connecticut I want withheld, o District of Columbia, o Louisiana, I want withheld from thiseach, o Michigan Check box a or b below, o a withholding rate o b Withhold, I want withheld from thiseach, o Montana o New Jersey o North, and I want withheld from thiseach area.

Filling out ira state income tax withholding 2312 step 2

The system will require details to effortlessly submit the segment o Montana o New Jersey o North, Other Use this section to elect a, o I want withheld from thiseach, IRA OWNERSBENEFICIARYS SIGNATURE, I have read and understand the, X IRA OwnersBeneficiarys Signature, Date MMDDYYYY, Ascensus Inc Middleton WI, and Stock Rev.

Completing ira state income tax withholding 2312 step 3

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