Withholding federal income tax on (US) social security payments

[Out-Of-Phase]

For those of you (here in the US) who receive a monthly social security payment, have any of you chosen to withhold federal income tax on those payments?

The voluntary withholding request form W-4V from the IRS gives 4 choices: 7%, 10%, 12%, 22%

This step is highly recommended by tax experts if you receive social security every month and still work full-time and have any other taxable income besides social security.

 

[mtrycrafts]

I just make quarterly payments to IRS and state for other incomes as CA doesn't tax SS pay.

By the way, I thought all of us here get SS.

 

[Out-Of-Phase]

"By the way, I thought all of us here get SS."

Years ago, I chose to delay social security payments until I turned 70. Well, this year, I'm finally there. So now I am deciding on the right amount to withhold so it's not such a heavy burden at tax time.

 

[mtrycrafts]

"By the way, I thought all of us here get SS."

Years ago, I chose to delay social security payments until I turned 70. Well, this year, I'm finally there. So now I am deciding on the right amount to withhold so it's not such a heavy burden at tax time.

We are fortunate and have a good retirement coming in from military and SS, and stock dividends, etc. Pay quarterly and use 20% of taxable income for IRS. Usually get back a bit and use that for following years credit. State gets about 5% of income excluding SS income.
Now, I created an account with each IRS and state and schedule payments online. No worries if mail is late, or whatever else that could happen.

 

[Mikado463]

By the way, I thought all of us here get SS.

railroad retirement for me, our 'Tier 1' mirror images SS

 

[Mark E. Long]

UMWA and SS for me do take tax out on both but get it all back haven’t had to pay state in years .

 

[lovinthehd]

Never needed to think about withholding while I've taken SS (for last 6 years). Never even thought about it until this post. But I retired before I got SS, too.