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Level 1
posted Jul 26, 2023 9:52:39 AM

taxes on social security

I started to receive SS in January 2023 and do not have taxes deducted from my monthly allowance.  Can I call SS and have them deduct taxes as soon as possible or should I just wait until I file my taxes?  THanks

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2 Best answers
Level 15
Jul 26, 2023 9:57:35 AM

Yes you might want to have withholding taken out of your Social Security.  Depends on how much other income you have.  Or you can increase the withholding on something else or send in estimated payments to cover any extra tax.

 

Up to 85% of Social Security becomes taxable when all your other income plus 1/2 your social security, reaches:

Married Filing Jointly: $32,000

Single or head of household: $25,000

Married Filing Separately: 0

 

To request SS withholding

https://www.ssa.gov/manage-benefits/request-withhold-taxes 

Employee Tax Expert
Jul 26, 2023 9:58:18 AM

TurboTax has a free tax caster so you can estimate your 2023 taxes:   https://turbotax.intuit.com/tax-tools/calculators/taxcaster/
 
Additionally, below are the earning thresholds:
When do you pay taxes on Social Security?
 
Do I pay Social Security tax or income tax on my Social Security benefit payments? If you earn between $25,000 and $34,000 per year as a single filer (or $32,000 to $44,000 if you're married filing jointly), you will pay income taxes on up to 50% of your Social Security benefits.
 
Here is the full guide for further details:   https://turbotax.intuit.com/tax-tips/irs-tax-return/a-guide-to-social-security-tax/L5QxGNcJL

4 Replies
Level 15
Jul 26, 2023 9:57:35 AM

Yes you might want to have withholding taken out of your Social Security.  Depends on how much other income you have.  Or you can increase the withholding on something else or send in estimated payments to cover any extra tax.

 

Up to 85% of Social Security becomes taxable when all your other income plus 1/2 your social security, reaches:

Married Filing Jointly: $32,000

Single or head of household: $25,000

Married Filing Separately: 0

 

To request SS withholding

https://www.ssa.gov/manage-benefits/request-withhold-taxes 

Employee Tax Expert
Jul 26, 2023 9:58:18 AM

TurboTax has a free tax caster so you can estimate your 2023 taxes:   https://turbotax.intuit.com/tax-tools/calculators/taxcaster/
 
Additionally, below are the earning thresholds:
When do you pay taxes on Social Security?
 
Do I pay Social Security tax or income tax on my Social Security benefit payments? If you earn between $25,000 and $34,000 per year as a single filer (or $32,000 to $44,000 if you're married filing jointly), you will pay income taxes on up to 50% of your Social Security benefits.
 
Here is the full guide for further details:   https://turbotax.intuit.com/tax-tips/irs-tax-return/a-guide-to-social-security-tax/L5QxGNcJL

Employee Tax Expert
Jul 26, 2023 9:58:29 AM

Hi NN23!

 

Thank you for the question and it is wonderful to hear from you.  Yes, you can call them anytime to begin taking taxes our and it's better to speak with them sooner than later.  If you wait too long, the proper amount may not be withheld from your SS income and you may owe at the end of the year.  Here is a fantastic web page to get a hold of them:

 

https://www.ssa.gov/manage-benefits/request-withhold-taxes#:~:text=Call%20us,in%20English%20and%20other%20languages.&text=Tell%20the%20representative%20you%20want,deaf%20or%20hard%20of%20hearing.

 

Have a great day!

Employee Tax Expert
Jul 26, 2023 10:03:30 AM

Hi NN23. 
That is a great question.  You can call social security at any time and ask them to start withholding taxes from your monthly payment.  If social security is your only source of income for the year you will not have a tax liability.  However if you have other sources of income you may be taxed on up to 85% of the social security benefits that you receive.  The attached link will provide you some information to help you determine if you will have a tax liability on the social security that you receive.  If you believe that the social security will be taxable you may consider starting to withhold income taxes from your monthly payment.

https://ttlc.intuit.com/turbotax-support/en-us/help-article/retirement-benefits/social-security-income-taxable/L21rHTtDp_US_en_US

Thank you very much for participating in this Ask the Expert's Event,

AnthonyC_CPA