If I mark “no change” on the Substitute W-4P withholding form, does that mean the amount of taxes withheld from my benefit will not change?
No. Marking “no change” on the Substitute W-4P withholding form will apply your current federal withholding election, based on marital status and number of allowances (i.e. married with 2 allowances, single with 1 allowance, etc.), to the new tax tables. Since the new tax tables were designed to stimulate the economy by putting more money in your pocket, the result will be less federal tax being withheld. Unfortunately, this is not a situation where you can choose between the old and new tax tables. We are required by law to use the most current tax tables for withholdings.
