taxes

[bonitacsmith2]

Should I take taxes out of my social security check?

[Bozaya]

Hello @bonitacsmith2 ,

Social Security Administration does not automatically withhold taxes from your benefit payments. However, you can choose to have taxes withheld from your benefits by completing IRS Form W-4V and submitting it to the Social Security Administration to withhold taxes.

The amount of tax withheld depends on a number of factors, including your filing status, your total income, and the amount of Social Security benefits you receive.

Here is aditinal information: https://www.ssa.gov/benefits/retirement/planner/taxes.html 

I hope this helps.

[Lydia23]

Hi Bonitacsmith2,

You don't have to have taxes taken out of your social security checks.  But if you have other income you may want to have taxes taken out.  If you earn between $25,000 and $34,000 per year as a single filer you could pay income taxes up to 50% of your social security benefits.  Check out the link below for more details on social security and how it is taxed. 

https://turbotax.intuit.com/tax-tips/irs-tax-return/a-guide-to-social-security-tax/L5QxGNcJL