FREQUENTLY ASKED QUESTIONS

About This Tax Witholding Election Requirement
View All Questions
& Answers
Q

Why am I getting this tax withholding election mailing?

Prudential is mandated by applicable federal and state withholding requirements to secure new withholding elections from you and to maintain those elections in our records within a reasonable period of time after we start to administer your annuity benefits.

Q

What do I need to do?

You MUST make your tax withholding elections by September 1, 2013. Otherwise, default withholding elections will be applied to your monthly payments thereafter.

Q

How can I update my tax withholding elections?

You can choose from the following four ways to update your tax withholding elections. Choose the one that is most convenient for you:

     
 
  • Phone: Call 1-855-778-5005. Representatives are available to assist you Monday through Friday, from 8 a.m. to 9 p.m., ET. If hearing impaired, please call 1-877-760-5166. To reach us from an international location, please dial the access code for the country you are located in and then the number listed above;
 
 
 
  • Fax: Complete and fax the enclosed tax election form(s) to 1-888-499-4315; or
 
 
 
  • Mail: Complete and return the enclosed tax election form(s) by mail in the enclosed envelope.
 
Q

What will happen if I do not respond, and when?

Unless you make your tax withholding elections by September 1, 2013, default withholding elections will be applied to your monthly payments thereafter. All future annuity payments from Prudential will reflect default withholding based on the guidelines provided by the Internal Revenue Service and your state of residence, if applicable. This default withholding will remain in effect until you contact us to change it.

Q

What tools are available to help me?

You may consult with a tax professional when determining the appropriate tax election for you. Additional resources are available on the Internal Revenue Service's website: www.irs.gov.

Q

How frequently can I change my withholding elections?

There is no limit on the number of changes to your federal or state withholding elections.

Q

Will the election I make extend to any other benefits or payments besides my Prudential Annuity?

No. The election will only apply to your annuity payments for this contract.

Q

What should I do if I already updated my tax withholding elections with Prudential?

If you already updated your tax withholding elections since your transition to Prudential, you do not need to do anything else (unless you choose to make an additional change).

Q

How much will my payment change?

The amount of your benefit and your tax election will determine how much, if any, withholding occurs. Prudential's Call Center Representatives can confirm the amount of a prospective change, or you can visit www.irs.gov.

Q

What is my current election? Why can't Prudential provide my current election?

Your current tax withholding election information was not provided to Prudential by your prior payor, only the dollar amount of the withholding. As a result, we cannot provide it to you.

Q

If I want the same withholding, do I need to do anything?

Prudential is mandated by applicable federal and state withholding requirements to secure new withholding elections from you and to maintain those elections in our records. Therefore, you must provide us with new elections.

Q

If I select the same tax election I had with my prior payor, will my withholding be the same?

Your tax withholding is based on a calculation including your gross payment amount and tax election. The amount calculated could differ from payor to payor based on tax law interpretations and rounding.

Q

When will my updates take effect?

Tax elections could take up to two (2) payment cycles to go into effect.

Q

How long will my tax election remain in effect?

You tax election will remain in effect until you decide to change it. (Please note that states may periodically change their tax withholding election requirements. Should that occur, Prudential will contact you to obtain your new elections.)

Disclosures

Guarantees are based on the claims-paying ability of the insurance company and are subject to certain limitations, terms and conditions. Prudential Financial, The Prudential Insurance Company of America, and Prudential Retirement are each solely responsible for its contractual obligations and financial condition.

Products not available in all states.

Prudential Retirement's group annuity contracts are issued by The Prudential Insurance Company of America (PICA), Newark, NJ, a Prudential Financial company.

© 2014 Prudential Financial, Inc. and its related entities. Prudential, the Prudential logo, the Rock symbol and Bring Your Challenges are service marks of Prudential Financial, Inc., and its related entities, registered in many jurisdictions worldwide.

0240989*00002*00   GMTF1002