SSA withholding question

Forum|Forum|2 years ago
July 26, 2023
1 reply
5 views

What is the best way to withhold taxes if you begin to collect your social security benefits while you are still working full time after full retirement age.

Ask the Experts - Retirement - July 2023

Best answer by AnthonyC_CPA

You are correct. Please add your social security income to the wages from your job and other taxable income that you have. Once you have your gross income you can reduce it by either the standard deduction or itemized deduction depending on your situation. Gross income less deductions will give you your taxable income. Here are some tools that you can use to compute your estimated tax liability for the year.

https://turbotax.intuit.com/tax-tools/

Thanks again for your questions!

AnthonyC_CPA

Level 5

Hi mocolady,

Thanks for participating in today's Ask the Expert event! If you start to claim social security benefits while you are still working you can either withhold taxes from your social security payment or increase your withholdings from the paycheck received from your job. It is up to you which method is easier but it may be easier to just ask social security to withhold taxes from their payment.

Hope this helps and thanks again for your question!

AnthonyC_CPA

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mocoladyAuthor

Level 2

Thanks for responding. So I suppose the way to withhold taxes from my SSA benefit will be to add the total SSA payments I'll receive this year to my taxable income from work and then use the tax tables to calculate the incremental taxes due? Is there a tool on Intuit for doing this?