Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

Does KRS withhold federal and state income taxes from my monthly retirement allowance check?

April 26, 2017allowance Federal income taxes KRS retirement State

0

Posted

Does KRS withhold federal and state income taxes from my monthly retirement allowance check?

1 Answer

0

Posted

When you retire, you are required to complete a Form 6017, Federal Income Tax Withholding Preference For Periodic Payments, to designate the amount you wish to be withheld from your monthly retirement allowance for federal income tax purposes. You may change your federal income tax withholding at any time by completing a new Form 6017, Federal Income Tax Withholding Preference For Periodic Payments. The retirement office does not withhold Kentucky State income taxes from your monthly retirement allowance. However, you may be liable for state income taxes on the benefits received during the year. In order to determine state income tax liabilities on your monthly retirement allowance, you should contact a qualified tax professional.