How to Change Your Tax Withholding

How to Change Your Tax Withholding

The start of the new year and tax season may bring questions about your tax withholding and if adjustments are needed. PERA makes it easy to check your current withholding and make any changes necessary.

Checking Your Current Withholding

Your current withholding amount can be found on your monthly benefit statement, which you can access through your secure member account. Your benefit statement will detail your federal and state tax withholding for the month of the statement and year to date. This information can help you decide if you need to increase, decrease, or leave your current withholding.

Access your monthly benefit statements by selecting “Statements” from the left-side navigation menu, then selecting the “Benefit Statement” tab. From there, select the most recent monthly benefit statement to view your withholding amounts.

Changing Your Withholding

PERA’s secure member account offers calculators to help you estimate your tax withholding. Navigate to the “Calculators” tab, where you’ll see calculators to estimate your federal and Colorado state tax withholding.

If you want to make a change to your withholding, select the “Forms” tab in your secure member account. From here, you have the option to make changes to your Colorado state tax withholding and federal withholding. Follow the instructions to fill out the forms, and PERA will adjust your benefit withholding as requested. PERA must receive your form by the 15^th of the month in which you want the change to be effective.

These forms can also be found on PERA’s website under “Member and Retiree Forms,” where you can print the forms and mail them back to PERA.

Please note that benefit recipients who no longer reside in Colorado cannot have their new state’s tax withholding set by PERA; PERA can only withhold state tax for Colorado.