Pension Sense blog | Updated March 23, 2022 | Thomas Lawrence
Tax season is here and the filing deadline is approaching.
While it’s too late to make adjustments for your 2021 taxable income, it’s a good time to get a head start for 2022.
You can make changes to your tax withholding preferences by logging into your secure myCalSTRS account. Also make sure the rest of your information is up to date, including marital status and desired number of tax allowances.
To learn more about your tax options, please see the “Governance, tax information and legal matters” section of the CalSTRS Member Handbook. If you have additional questions, call 800-228-5453.
Under federal law, we will withhold income tax from the taxable portion of your benefit unless you choose not to have taxes withheld. This requirement also applies to California state income tax for California residents.
To elect tax withholding, complete the Income Tax Withholding Preference Certificate form (also included in the Service Retirement, Refund and Disability Benefits applications). Starting January 1, 2023, new forms and calculations will be required by the IRS.
While we can’t make doing your taxes fun, setting your preferences early can make it easier next spring.