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I am currently receiving a payment from a QDRO settlement from

my ex-husband's pension. I...
I am currently receiving a payment from a QDRO settlement from my ex-husband's pension. I am required to pay Federal Taxes on this income and I put on the form Married with 0. I have received 2 payments and neither payments had taxes taken out. I called them and they said the payment wasn't enough to take Married and 0 taxes out and I needed to call a tax advisor to find out what to do. Now I'm completely confused, and I don't want to have to pay a huge amount at the end of the year. The payment is for $403.29 each month. Should I put a dollar amount down for them to deduct for taxes? If so how much? Thank you for your help.
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Answered in 10 minutes by:
6/4/2013
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,621
Experience: Taxes, Immigration, Labor Relations
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LEV :

Hi and welcome to Just Answer!
Sorry for your situation. Because the payment is really small - the payer is correct - there is no withholding.
Please be aware that your tax liability is determined not at the time you receive payments - but when you file your tax return - and will be based on your total income, filing status, deductions, etc.
The purpose of withholding is to cover expected tax liability which will be determined only when you prepare your tax return.
The first step is to estimate your total tax liability and marginal tax bracket.
Then - for instance - if you are in 15% tax bracket - you will estimate your tax liability from these payments as $403.29 * 12 months * 15% = $726.
If that will be your only tax liability - you may pay that amount by Apr 15, 2014 - as long as the amount due is less than $1000 - you are OK.
If you have other income - for instance wages - you may increase your withholding from that income to cover that pension income.
Or as you suggested - you may file form W4P and request a flat dollar amount withholding - in that example - $403.29 * 15% = $60.
So far - above are possible options.

Customer:

Ok, thank you for the information. Now I can figure out what I need to do.

Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,621
Experience: Taxes, Immigration, Labor Relations
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