I have only two sources of monthly income -- my social security and federal annuity. I can't seem to get the withholding level high enough to avoid having to pay an additional chunk every tax year. so I'd like to have an additional amount withdrawn, probably from social security, but can't figure out how to get that to happen via the W-4P sitting right in front of me. I also don't know where to send it, since it doesn't say.
In addition, do I need to send in 1099's every quarter to avoid penalty? I'd like it to be as simple as possible, just one mess each tax period. Can I just use a one time w-4 or does it have to be complicated just for the elderly.
So I'd like to have three hundred dollars more extracted each pay period and that might keep every one at bay.
Thanks.
