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.

 

[mtrycrafts]

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.

Somehow federal gets their share of SS income tax. States may not be taxing it, don't know how many states do tax it.

 

[lovinthehd]

Somehow federal gets their share of SS income tax. States may not be taxing it, don't know how many states do tax it.

I've been tax free last coupla years. Some IRA withdrawals and SS work fine for me. I don't have a lot of expenses and enough toys....

 

[Out-Of-Phase]

I am still working full-time so it looks like filling out that form (W-4V) and selecting one of the 4 deductions might be my best bet.

 

[Mikado463]

Somehow federal gets their share of SS income tax. States may not be taxing it, don't know how many states do tax it.

I believe 9 states tax SS

 

[cpp]

I believe 9 states tax SS

Here's a list of those states:

• Colorado.
• Connecticut.
• Minnesota.
• Montana.
• New Mexico.
• Rhode Island.
• Utah.
• Vermont.
• West Virginia

 

[j_garcia]

Still have a good 10 years before I retire.

 

[lovinthehd]

Still have a good 10 years before I retire.

Dang, I've got 22 years worth under my belt now.

 

[cpp]

Still have a good 10 years before I retire.

I've been enjoying retirement since June 2010.

 

[Mikado463]

Still have a good 10 years before I retire.

and hopefully they are good ones ! I always feel sorry for the poor bastard that has to count down the days till he retires, sad .............

 

[Out-Of-Phase]

Uh, that's describes me.

I've got a few more years.