Hi RJLisle,
Congratulations on your retirement!
I agree that you'll want to have Federal taxes withheld from your Social Security benefits. You can make that request by completing form W-4V and mailing or faxing it to the Social Security office near you. Here's the link to the Social Security website with the instructions for how to request withholding and a link to Form W-4V.
Form W-4V gives you four options for Federal withholding: 7%, 10%, 12% or 22%.
You may want to use a tax estimator to figure out how much total tax you need withheld. Here is a link to the IRS Tax Withholding Estimator.
Since you need to make up for 3 or 4 months' missed withholding, you have a couple options:
- You could choose a higher percent to withhold just for 2024, and submit a revised for for next year with the more appropriate percent.
- Or you can estimate how much withholding would have been deducted from the first few Social Security checks and make an estimated payment directly to the IRS on their website (www.irs.gov/payments).
Sincerely,
Kimberly, CPA for over 30 years
@RJLisle
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