What happens to your IRS Form W-4P after you've submitted it?

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If you have questions about how your pension or annuity payer uses your Form W-4P to calculate your tax withholdings, this video is for you! In this video, we cover:
-IRS guidance on tax withholding
-What happened to Form W-4P in 2022 and later (Hint: if you haven't sent a Form W-4P since 2021, you should do so!)
-How each part of your Form W-4P input impacts your withholding
To wrap up the video, we use a case study to go over this form and the withholding calculations step by step!
Here are links to articles and videos we've created about other tax forms and schedules mentioned in this video or its accompanying article:
IRS Form W-4P, Withholding Certificate for Periodic Pension or Annuity Payments
Article: www.teachmepersonalfinance.co...
Video: • IRS Form W-4P walkthro...

[@rosalindhb]

Definitely not a fan of the new W-4 forms.
On the old form I claimed 0, because I do not want to owe any taxes. How do I claim 0 on the W-4P as a single person?

[@teachmepersonalfinance2169]

The new form doesn't allow you to claim allowances (even 0). However, you can leave the form blank, then use the worksheet for IRS Form 1040-ES to calculate your estimated tax bill for the year, once your new withholdings kick in. From there, you can make adjustments by refiling Form W-4P, with additional withholding on Line 4c.
Below are resources for more info on Form 1040-ES (particularly the worksheet) and the actual Form W-4P:
IRS Form 1040-ES, Estimated Tax Voucher
Article: www.teachmepersonalfinance.com/irs-form-1040-es-instructions/
Video: ua-cam.com/video/MqA_0OX9kxI/v-deo.html
IRS Form W-4P, Withholding Certificate for Periodic Pension or Annuity Payments
Article: www.teachmepersonalfinance.com/irs-form-w-4p-instructions/
Video: ua-cam.com/video/MQ72wKsJvFg/v-deo.html