New to the forms, I think this is the right place to ask this.
Talked to a TIAA agent about my Retirement Annuity (RA) and payout options. I have no other options, apparently, than 10 payment transfer, 3 lifetime payout options and a couple other very limited lifetime payouts. No rollover options, besides we will actually need the money as income. I saw one other thread about the "required 20% withholding" but there really wasn't a conclusion that covers my situation. My question, is there something about a TIAA annuity I'm missing regarding taxes? Our retirement income tax bracket will likely never go to the 22% mark, we will be solidly in the 12% bracket. The TIAA withholding seems very arbitrary. We can probably adjust other retirement income withholdings to compensate for the over payment by TIAA but is there some way around that required 20% withholding? It seems reasonable they might require 10% or work with you to figure the exact withholding rate.
Talked to a TIAA agent about my Retirement Annuity (RA) and payout options. I have no other options, apparently, than 10 payment transfer, 3 lifetime payout options and a couple other very limited lifetime payouts. No rollover options, besides we will actually need the money as income. I saw one other thread about the "required 20% withholding" but there really wasn't a conclusion that covers my situation. My question, is there something about a TIAA annuity I'm missing regarding taxes? Our retirement income tax bracket will likely never go to the 22% mark, we will be solidly in the 12% bracket. The TIAA withholding seems very arbitrary. We can probably adjust other retirement income withholdings to compensate for the over payment by TIAA but is there some way around that required 20% withholding? It seems reasonable they might require 10% or work with you to figure the exact withholding rate.
Statistics: Posted by ICanHasRetirement — Mon Oct 28, 2024 5:59 pm — Replies 0 — Views 88