Indiana Code — Title 6 (Taxation)
IC 6-3-4-15.7
Annuity, pension, retirement, or other deferred compensation
plans; withholding requests; payor responsibility; guidelines;
designation of local income tax liability
Sec. 15.7. (a) The payor of a periodic or nonperiodic distribution under an annuity, a pension, a retirement, or other deferred compensation plan, as described in Section 3405 of the Internal Revenue Code, that is paid to a resident of this state shall, upon receipt from the payee of a written request for state income tax withholding, withhold the requested amount from each payment. The request must:
# (1)
be dated and signed by the payee;
# (2)
specify the flat whole dollar amount to be withheld from each payment;
# (3)
designate the portion of the withheld amount that represents estimated state adjusted gross income tax liability and the portion of the withheld amount that represents estimated local income tax liability under IC 6-3.6; and
# (4)
specify the payee's name, current address, taxpayer identification number, and the contract, policy, or account number to which the request applies.
The request shall remain in effect until the payor receives in writing from the payee a change in or revocation of the request. The department shall adopt guidelines and issue instructions as necessary to assist individuals in making the designations required by subdivision (3).
(b) The payor is not required to withhold state income tax from a payment if the amount to be withheld is less than ten dollars ($10) or if the amount to be withheld would reduce the affected payment to less than ten dollars ($10).
(c) The payor is responsible for custody of withheld funds, for reporting withheld funds to the state and to the payee, and for remitting withheld funds to the state in the same manner as is done for wage withholding, including utilization of federal forms and participation by Indiana in the combined Federal/State Filing Program on magnetic media.
As added by P.L.91-1989, SEC.1. Amended by P.L.146-2008, SEC.320; P.L.197-2016,
SEC.28.
Amendment history
As added by P.L.91-1989, SEC.1. Amended by P.L.146-2008, SEC.320; P.L.197-2016, SEC.28.
Source: view the official text
Nearby sections (25 sections)
- 6-3-4-8.1 · Monthly return and remittance; periodic deposit and
- 6-3-4-8.2 · Income withholding; gambling winnings
- 6-3-4-8.5 · Liability of transferee of property
- 6-3-4-9 · Reports of payment to recipients
- 6-3-4-10 · Partnership returns
- 6-3-4-11 · Partnerships not subject to tax
- 6-3-4-12 · Nonresident partners; withholding rate; returns; credits for
- 6-3-4-13 · Corporations; withholding from dividends to nonresident
- 6-3-4-13.5 · Income withholding; first payment of prize money; racing
- 6-3-4-14 · Affiliated group of corporations; consolidated returns
- 6-3-4-15 · Trusts or estates; distribution of income to nonresident
- 6-3-4-15.1 · Prescribe procedures
- 6-3-4-15.7 · Annuity, pension, retirement, or other deferred…
- 6-3-4-16 · Procedures to implement crosschecks between certain forms
- 6-3-4-16.3 · Corporations; electronic return; exceptions
- 6-3-4-16.5 · Electronic filing; withholding
- 6-3-4-16.7 · Reports in electronic format
- 6-3-4-17 · Quarterly reports concerning local income taxes
- 6-3-4.5-1 · Definitions
- 6-3-4.5-2 · Amended return; pass through entity; adjustment for a review
- 6-3-4.5-3 · Department audit or investigation; tax attribute; report of
- 6-3-4.5-3.5 · Underreporting of tax due by partner in partnership
- 6-3-4.5-4 · Partnership's right to protest and appeal
- 6-3-4.5-5 · Report of partnership adjustments; timing; protest; appeal;
- 6-3-4.5-6 · Partnership duties; partner level adjustments report;