How to use the W4V form
Get your nice W-4V Form here!
This is a form that you would give to your payer and your local Social Security Office and not to the IRS.
This is to withhold federal income tax for:
- Social Security benefits
- Certain crop disaster payments under the Agricultural act of 1949 or under Title 2 of the Disaster Assistance Act of 1988
- Social Security equivalent Tier 1 Railroad Retirement Benefits
- Commodity Credit Corporation Loans
What you fill out on the W-4V form
- First and Last Name and Middle Initial
- Your Social-Security Number
- Home Address
- Claim or Identification number (if any) you use with your payer
- (Check Box) I want federal income tax withheld from my unemployment compensation at a rate of 10% of each payment.
- I want federal income tax withheld from (a) my social security benefits, (b) my social security equivalent Tier 1 railroad retirement benefits, (c) my Commodity Credit Corporation loans, or (d) certain crop disaster payments under the Agricultural Act of 1949 or under Title II of the Disaster Assistance Act of 1988, at the rate of (check one): - 7% - 10% - 15% - 25%
- I want you to stop withholding federal income tax from my payment(s).
Finish it off with your signature and the date.
The form has sectional headings for these instructions :
- Purpose of Form
- Why Should I request Withholding
- How much can I have withheld
- What Do I need To Do (Seven categories)
- When will my withholding start
- How do I change withholding
- How do I stop withholding
The Whole Form Is...
Less than a page and half, maybe less than a page and a third in size.
Here Are a Few Bits from the second page statement, not the whole thing as you should read it in whole for full details. The second page is only the Privacy Act and Paperwork Reduction Act Notice.
It mentions that it asks for the information for the internal revenue laws of the US.
It states that you are required to provide the statement, "Only if you wish to have federal income tax withheld from certain payments for which withholding is not required by law".
Providing false or fraudulent statements can subject you to penalties. My favorite part of the whole statement that is made on the form is:
" If you have suggestions for making this form simpler, we would be
happy to hear from you."
Have a great day and enjoy the form! - by Roger Chartier