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Is withholding required on retirement income?

Answer #917 -- ( Published 06/15/2016 08:59 AM | Updated 07/12/2017 10:41 AM )

Is withholding required on retirement income?

Most forms of retirement income are not taxed by the State of Illinois, however a taxpayer can request Illinois withholding income tax be paid on his/her behalf. The payer of the retirement income must remit the withholding amount to the Illinois Department of Revenue and report the amount withheld to the taxpayer on the Form 1099-R. The taxpayer would then claim this amount on their Form IL-1040, Illinois Individual Income Tax Return Illinois Income Tax withheld line. See Publication 120, Retirement Income, for more information.

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