Quote:
Originally Posted by mtdjed
My point also says change the address that pension, lump sum, and investment brokers have and stop tax deductions to the old state on those payments. Once they have your money , it will be much harder to get it back.
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I believe that mandatory tax withholding of income tax only applies to wages and certain other earned income, not to other payments, such as pensions, social security income, IRA transfers, or other payments. I never allow anyone to withhold taxes from any of my payments. I pay all income taxes directly to the IRS with quarterly estimated payments. I don't understand why some people allow a third party to withhold money from their income.