About this Form:
Form W-4P is an IRS Form that allows individuals to instruct OppenheimerFunds to update the amount of federal income tax withheld on OppenheimerFunds-sponsored retirement account plan distributions. OppenheimerFunds has modified the procedure of obtaining this information and does not use the IRS prescribed form. Please see below for instruction on how to update taxes withheld.
Update the amount of tax withheld if:
Your tax-filing status has changed or you would like a different rate of withholding applied to your systematic retirement plan distributions. OppenheimerFunds has a modified way of obtaining this information.
Do not submit this Form if:
- You are not currently taking ongoing distributions
Individuals are encouraged to consult a tax advisor to determine the appropriate percentage of tax to be withheld from their distributions.
Withholding on Distributions:
- Distributions from OppenheimerFunds-sponsored IRA, SIMPLEIRA, SEP-IRA, and SARSEPs will have mandatory 10% tax withholding if no election is made. Shareholders may elect not to have any withholding or they can choose a withholding rate greater than 10% (See below for instructions)
- Distributions from OppenheimerFunds-sponsored 403(b)(7), SINGLE KSM and Profit Shared Trusteed Plan Plans are subject to mandatory 20% withholding (exceptions apply, see below). If an exception applies, shareholders may elect not to have any withholding or they can choose a withholding rate of 10% or greater
Exceptions to the mandatory 20% withholding on distributions from OppenheimerFunds-sponsored qualified retirement plans and 403(b) custodial accounts:
- Distributions made directly payable to other retirement plans.
- Required Minimum Distributions.
- Loans and loan defaults.
- Substantially Equal Periodic Distribution for individuals who are separated from service.
- Distributions of after-tax contributions (such as from a ROTH 403(b)).
- Any distribution that is one of a series of equal payments that is made at least once a year and will last your lifetime, or, your lifetime and your beneficiaries, or, for a specified period of 10 or more years.
- Qualifying hardship distributions.
How do I notify OppenheimerFunds of modifications to my tax withheld?
1. Consult a tax advisor to help you determine the appropriate percentage of federal income taxes to be withheld from your distribution. As part of this you will want to decide which option best applies to you:
- Option A: I do not want federal income taxes withheld – if permitted.
- Option B: I want federal income taxes withheld (rate of 10% or 20% as applicable).
- Option C: I want ____% withheld (this amount is in addition to the applicable 10% or 20% default from Option B).
2. Decide the OppenheimerFunds-sponsored retirement account(s) to which you want the above tax withholding to apply.
3. Because OppenheimerFunds does not use IRS Form W-4P you should instead do one of the following to inform OppenheimerFunds of your modifications to tax withholding:
- If you are updating for an IRA, you may inform us via telephone.
- For all others, and including an IRA, you may complete the appropriate retirement plan distribution form located in our Forms & Literature section.
4. Lastly, for redemptions that are not done over the phone, fax or mail your retirement plan distribution form to OppenheimerFunds.
Or Mail to:
PO Box 5390
Denver, CO 80217
Please note: Distribution requests from OppenheimerFunds-sponsored retirement accounts will be treated as non-periodic distributions (distributions that are payable on demand) as directed by the IRS, and will be subject to a 10% withholding if no elections are made on the Form. Individuals may request a tax withholding of 0, or 10% or greater on distributions from their retirement plan account. OppenheimerFunds has never had the ability to allow individuals to utilize the tax withholding tables on distributions from their retirement plans so this option has been removed from the Form. Also, we removed the option to withhold a specific dollar amount rather than a percentage.