I have been retired since age 62 . I'm now age 71. I believe too much is taken out for taxes .. I need help to resolve this problem

user17637627357 — Fri, 21 Nov 2025 22:09:57 GMT

Re: I have been retired since age 62 . I'm now age 71. I believe too much is taken out for taxes .. I need help to resolve this problem

guywong — Fri, 21 Nov 2025 23:47:29 GMT

I think you'll need to provide more information in order to get your answer. What made you think "too much is taken out for taxes"?

Did you have a huge refund when you filed your 2024 income tax return earlier this year?

Who is withholding income taxes from you? Your pension plan administrator, Social Security, financial institutions, employer and/or someone else?

How many sources of income do you have? If so, is one or two of those sources much higher than the other?

Are you married, filing jointly with your spouse? If so, if your spouse's income much more or much less than yours?

There are so many variables. You can always ask the withholding agent to withhold less by filing a new W-4 form. Just make sure you won't be subject to underpayment penalties when you file your tax return.

2025 Form W-4

The ideal amount of withholding is to have a small refund or small overpayment with the 1040. When a taxpayer has several sources of income, it's always difficult to estimate your withholding accurately.

Since TT has already released the 2025 edition, you may want to use your best estimate to see if you in fact have too much withholding. Problem is we are already in the latter half of November. Any changes will most likely not going to make any big differences. But you can use that to gauge your 2026 withholding. Good luck!

Underpayment of estimated tax by individuals penalty | Internal Revenue Service

Avoid a penalty

You may avoid the Underpayment of Estimated Tax by Individuals Penalty if:

Your filed tax return shows you owe less than $1,000 or
You paid at least 90% of the tax shown on the return for the taxable year or 100% of the tax shown on the return for the prior year, whichever amount is less. If your adjusted gross income (AGI) for 2023 was more than $150,000 ($75,000 if your filing status for 2024 is married filing separately), substitute 110% for 100%.

Re: I have been retired since age 62 . I'm now age 71. I believe too much is taken out for taxes .. I need help to resolve this problem

VolvoGirl — Sat, 22 Nov 2025 00:15:45 GMT

Here’s some Withholding forms you can fill out and give to the payer to change the federal withholding……

For W2 employee wages or job withholding you can give your employer a new W-4 form

https://www.irs.gov/pub/irs-pdf/fw4.pdf

For 1099R pension and IRA withdrawals give them a new W-4P form

https://www.irs.gov/pub/irs-pdf/fw4p.pdf

For Social Security give a new W-4V to Social Security to change withholding

https://www.irs.gov/pub/irs-pdf/fw4v.pdf

topic I have been retired since age 62 . I'm now age 71. I believe too much is taken out for taxes .. I need help to resolve this problem in Get your taxes done using TurboTax

I have been retired since age 62 . I'm now age 71. I believe too much is taken out for taxes .. I need help to resolve this problem

Re: I have been retired since age 62 . I'm now age 71. I believe too much is taken out for taxes .. I need help to resolve this problem

Avoid a penalty

Re: I have been retired since age 62 . I'm now age 71. I believe too much is taken out for taxes .. I need help to resolve this problem