The Internal Revenue Service has revised the federal income tax withholding tables as part of the federal government’s economic stimulus package.  The Teachers’ Retirement Board will implement these revised tables in April, 2009.  The revised tables will result in less federal income tax withholding for members whose withholding is based on the tables (marital status and number of exemptions) but will not change your tax liability.  Withholding amounts will not change for members who have elected to have a specific dollar amount withheld.

Members should review the revised withholding amounts in light of their financial and tax circumstances.  The reduced amount of withholding may result in tax payments (and possibly interest and penalties) being due in 2010 if enough tax is not withheld in 2009.  Members may change the amount of their withholding tax by submitting a Federal and CT Tax Withholding Change Form (PDF 26KB).