Understanding State IRA Withholding Requirements

IRA withholding remitting, reporting and reconciling can be difficult for organizations to manage at a federal level, but it gets even more complicated when you add states to the mix. Each state has their own remitting and reporting frequencies, thresholds, requirements and penalty structures. Because of this, it can be hard to determine if and when state withholding is required on a state-by-state basis.

This map breaks down where IRA withholding remitting and reporting is mandatory, verses being voluntary or not required, on a state-by-state basis to help organizations understand their IRA state withholding requirements.

 

Centralizing and automating manual withholding processes has allowed organizations to improve operational efficiency by up to 92% allowing resources to focus on business critical tasks while mitigating process, compliance and security risk. Find out how Sovos can help.