The American Recovery and Reinvestment Act of 2009, which was approved by Congress on February 13, 2009, may have unintended consequences for some retirees. New tax withholding tables issued in April could cause under-withholding on pension income and result in additional taxes owed at the end of the year.
TIAA-CREF offers a variety of withholding options, which we recommend you discuss with your tax advisor before making any changes. Election forms are available online or you can update your election by logging into your account.
The tax information contained herein is not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding tax penalties that may be imposed on the taxpayer. It was written to support the promotion of products and services provided by TIAA-CREF. Taxpayers should seek advice based on their own particular circumstances from an independent tax advisor.
TIAA-CREF Individual & Institutional Services, LLC and Teachers Personal Investors Services, Inc., members FINRA, distribute securities products.
© 2009 and prior years, Teachers Insurance and Annuity Association - College Retirement Equities Fund (TIAA-CREF), New York, NY 10017
