Scammers may be calling our members
We recently learned that scammers may be contacting our members saying they have been chosen for financial aid, and that further personal information is needed. The scammers say that their name was chosen from a list supplied by the N.C. Department of State Treasurer. Please know that we would never give your name and phone number to a third party in order to contact you. If you receive one of these calls, hang up.
Tax season is coming. Here's what you need to know.
Each year it's important to log in to your ORBIT account to review and make any beneficiary and tax withholding changes that you deem necessary. This year it's especially important to review your tax withholding preferences. Read on to find out what you need to know to wrap up 2018 and prepare for the year ahead.
Use ORBIT to access your 1099 or W-2 tax forms as early as January 18, 2019. Otherwise, paper versions of these documents will be mailed out to the address we have on file for you by Thursday, January 31, 2019. If you decide to wait for your paper tax form, please be sure to allow 7-10 business days to receive the form by mail.
Tax withholding defaults and rates are changing in 2019. Please update your preferences.
State Taxes: Unless you specify a monthly withholding rate or amount for state taxes, your pension account will default to the rate of "single" with zero allowances. This means that more money may be deducted from your benefit payment each month if you do not log in to ORBIT and designate your withholding preferences. If you have already designated a withholding preference or are exempt from paying state taxes, no action is required.
Federal Taxes: Unless you specify a monthly withholding rate or amount for federal taxes, your pension account will default to the rate of "married" with three allowances. If you have already designated a withholding preference, no action is required.
The IRS is recommending that retirees conduct a "paycheck checkup" to make sure they are paying enough tax during the year by using the withholding calculator located on the IRS website. Though primarily designed for employees who receive wages, this online tool can also help those who receive pension and annuity payments on a regular schedule.
Set your tax withholding preferences in ORBIT today!
You can log in to ORBIT at any time to start, change or stop the federal and/or North Carolina state tax withheld from your benefit payment. The sooner you review your withholding settings, the sooner you can feel confident that your tax withholding preferences are being honored.