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Yack
Returning Member

I receive an annunity check. I trying to complete the W-4P. I entered the total SS for myself and my husband on 4a from worksheet how do I determine if that's correct.

 
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3 Replies
Yack
Returning Member

I receive an annunity check. I trying to complete the W-4P. I entered the total SS for myself and my husband on 4a from worksheet how do I determine if that's correct.

Don't see your response

rjs
Level 15
Level 15

I receive an annunity check. I trying to complete the W-4P. I entered the total SS for myself and my husband on 4a from worksheet how do I determine if that's correct.

It might take some time before someone replies to your question. This is a message forum, not live chat.

 

SusanY1
Employee Tax Expert

I receive an annunity check. I trying to complete the W-4P. I entered the total SS for myself and my husband on 4a from worksheet how do I determine if that's correct.

If you entered the total amount of your social security received, you've overestimated your taxable income, and your withholding may be a little higher than necessary.

At most, 85% of your social security benefits will be taxable income, so that line should never be more than 85% of your total combined benefit if you're working to keep your withholding as close to break-even as possible. 

To determine the amount of your social security benefit that is taxable, you can complete the worksheet found in Publication 915.  However, it's okay to skip doing complex worksheets and just use an estimated figure in this case.

If your income is similar this year to last year, you could also look at your tax return for last year, line 6b, to see the amount that was taxed and use that number.

If you don't mind a little extra withholding for a larger refund when you file your taxes, then using your full social security income amount won't hurt you.
 

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