KathrynG3
Expert Alumni

Retirement tax questions

No, you are not required to withhold money during the year form your social security checks as long as the tax balance at the end of the year is less than $1,000. Otherwise, if taxes are not withheld, you may want to consider paying estimated taxes four times a year, instead.

 

Estimates are paid 4/15, 6/15, 9/15, and 1/15 by mailing in a payment, or by using either Direct Pay or the Electronic Federal Tax Payment System (EFTPS) instead.

 

Not all of the Social Security is taxed. To know what to expect, you may want to consider the 2021 tax brackets to project what balance will be owed for next year.

 

For more information, see: Is my Social Security income taxable?