New Federal Withholding Tax Tables (July 2009)

New Federal Withholding Tax Tables


The "Making Work Pay" federal tax credit changed the IRS tax withholding tables for 2009 and 2010. The new tables were effective with the Program's March withdrawals.

For those participants having federal taxes withheld based on marital status and the number of exemptions claimed (as opposed to the required 20% federal tax withholding rate on partial or full lump-sums or periodic payments for less than 10 years), the effect was a decrease in the tax withheld and a corresponding increase to the net payment. Depending on your eligibility for this tax credit, this change could result in under-withholding of federal taxes during the year and a larger amount of taxes due with your tax return.

Ohio Deferred Compensation Plan does not provide tax advice please make sure to discuss changes with a tax advisor. If you decide to change the amount of federal tax withheld from your Program withdrawals, a new Form W-4P Withholding Certificate must be completed. Please call us at 1-877-644-6457 to have this form mailed to you.