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SERS outlines federal and Illinois withholding options for retirees
Summary
SERS staff explained federal withholding options using the W‑4P, how retirees can specify flat dollar or percentage withholdings, and clarified that Illinois generally does not tax retirement benefits.
A staff member for the State Employees Retirement System advised retirees that federal tax withholding on pension payments is controlled by IRS Form W‑4P and that SERS can apply withholding only according to what is on file.
The presenter said Illinois does not tax retirement but warned that pensions are subject to federal income tax and that retirees should consult a tax preparer for liability questions: “Illinois does not tax retirement, but your pension is federally taxable,”…
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