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When OP&F benefit recipients examine their monthly benefit statements they may notice that the net amount is less than it was in 2010. That this change is likely related to new Federal tax calculations from the Internal Revenue Service (IRS).
While the tax rates have not changed, the tables now used by the IRS have. As a result, the minimum amount of earnings being taxed has been lowered and therefore all tax brackets are affected. These new calculations began in January 2011, and OP&F implemented the tax tables as mandated by the IRS.
base pension amount is:
and your withholding status is:
Your 2010 Federal Withholding Tax Amount was:
Your new 2011 Federal Withholding Tax Amount is now:
in your net benefit is:
Married, 1 exemption
Single, 1 exemption
These are estimates only and provided to illustrate how the new tax calculations may affect an OP&F member’s benefit. Please consult your accountant or tax specialist for how any change to withholding status may affect your tax liability.
(To change your Federal tax withholding, form W4-P is located on the OP&F website at www.op-f.org. For more information, contact OP&F at 800-860-9599 or the IRS website www.irs.gov. These requests must be submitted by mail or fax to (614) 628-1777.)