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Self employed
Hi!
To have federal income tax withholding taken out of your social security checks, you need to complete Form W-4V. Your choices are limited to 7, 10, 12 or 22 percent of your monthly benefit withheld for taxes.
You may have to do a few calculations to determine which percent of your monthly benefit to have withheld.
Please note, you will need to take the form to your local social security office. Please see the links below for additional information.
https://www.ssa.gov/benefits/retirement/planner/taxwithold.html
https://www.aarp.org/retirement/social-security/questions-answers/taxes-withheld-ss.html
Regarding your statement about 1099's, I believe you are referring to estimated tax payments, (estimated tax payments are mailed in with Form 1040-ES each quarter). 🙂 If you start having enough federal income tax withheld from your social security each month, then you should avoid having to paying the quarterly estimated tax payments.
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