just retired

Forum|Forum|2 years ago
May 29, 2024
1 reply
6 views

This is my first full year of retirement. I have several sources of income - social security and two pensions. How do I determine if I need to adjust my W-4s so that I don't owe this year? And how do I determine which income bracket I am now in?

Ask the Experts - W-4 II - May 2024

mtufaro

Level 7

Thank you for the question. You would actually want to use the W-4P form, which can be found here: W-4P

You will no longer use the W-4 as you are now retired. If you want to request taxes to be withheld from your social security you would use the Form W-4V, which can be found here: Form W-4V

The marginal tax brackets for 2024 are as follows:

2024 Rates

Rates	Threshold for Single	Threshold for MJF
10%	$0 to $11,600	$0 to $23,200
12%	$11,601 to $47,150	$23,201 to $94,300
22%	$47,151 to $100,525	$94,301 to $201,050
24%	$100,526 to $191,950	$201,051 to $383,900
32%	$191,951 to $243,725	$383,901 to $487,450
35%	$243,726 to $609,350	$487,451 to $731,200
37%	$609,351 and over	$731,201 and over