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Level 1
posted May 29, 2024 9:12:33 AM

just retired

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?  

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1 Replies
Expert Alumni
May 29, 2024 9:26:52 AM

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