Reminders for Retirees – Act Before 12/31/2017

Effective January 1, 2018, a payer must withhold Connecticut income tax from taxable pension or annuity payments made to a Connecticut resident.

If you did not receive Form CT-W4P from your plan administrator, please call our office at (860) 623-4306 to get a form. You must complete and return this form to your payer for payments made on or after January 1, 2018, or your payer will withhold 6.99% of your payment.

Also, for those clients who are over age 70 ½ as of December 31, 2017 owning pensions, Section 401(k), 403(b) or 457 plans, Traditional IRAs, or other qualified retirement plans, please remember that a required minimum distribution may need to be made by the end of the year. Please contact your financial advisor for more information.