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Anonymous
January 26, 2022
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Social Security

  • January 26, 2022
  • 2 replies
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I understand you can elect to have federal taxes withheld from your social security retirement benefit of 7%, 10%, 12% or 22%. How do I know which percentage is the right percentage for me?

      Best answer by MarilynG

      Your annuity amount makes your Social Security 85% taxable, so $17,911 of your $21,072 will be added to your other income.  You should see this on Form 1040, Line 6a/6b. 

       

      Look at your Form 1040, Line 15 to see the amount of Taxable Income.  This is your income, less the Standard or Itemized Deduction. 

       

      Then look at the amount of Tax on Line 18.  Is this amount 10%, 15% or 20% of the amount on Line 15? 

       

      If you have other credits/additions, they show on Lines 19-23.  Your Total Tax is on Line 24. 

       

      This will give you an idea of how much tax you could withhold on your Social Security.

       

      There are a couple ways you could handle this. If you are withholding tax on your annuity (which would be advisable), you could increase your withholding there (if you owe tax) so that you may not need to also withhold on your Social Security. 

       

      Any current withholding on your annuity shows on Line 25b and reduces your Total Tax.  Compare the amount on Line 33 (Total Payments) to the Total Tax on Line 24.  If you owe tax, increasing your annuity withholding could wipe out tax owed, so you would not need to withhold tax on your Social Security. 

       

      If you want to leave the withholding on your Annuity as is, then have tax withheld from your Social Security in the %  as discussed above.

       

      Hope this helps! 

       

       

       

       

       

      2 replies

      B
      Level 15
      Bsch4477Level 15
      Level 15
      January 26, 2022

      It depends on your other income and withholding. 

      V
      Vanessa A
      Level 15
      January 26, 2022

      It depends on how much other income you have.  Attached are the 2022 Withholding Tables.

       

      You would need to use the withholding tables and subtract your standard deduction from your total income to see what bracket you fall into.

       

       

      The 2021 Standard Deductions are as follows:

      • Married Filing Joint (MFJ)              $25,100
      • Married Filing Separate (MFS)      $12,550
      • Head of Household (HOH)             $18,800
      • Single                                                 $12,550
      • Both over 65 MFJ                            $27,800
      • Over 65 MFS                                     $13,900
      • Over 65 Single                                  $14,250
      • Over 65 HOH                                    $19,500

      Blind and MFJ or MFS add $1,350

      Single or HOH if blind add $1,700

       

       

      **Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"
      A
      Anonymous
      January 26, 2022

      My total SS retirement benefit for 2022 will be $21,072. My question is how much federal tax to withhold from that amount: 7%, 10%, 12% or 22%? If you need my other income, my annual annuity is $68,076

      MarilynG
      MarilynGAnswer
      Level 15
      January 26, 2022

      Your annuity amount makes your Social Security 85% taxable, so $17,911 of your $21,072 will be added to your other income.  You should see this on Form 1040, Line 6a/6b. 

       

      Look at your Form 1040, Line 15 to see the amount of Taxable Income.  This is your income, less the Standard or Itemized Deduction. 

       

      Then look at the amount of Tax on Line 18.  Is this amount 10%, 15% or 20% of the amount on Line 15? 

       

      If you have other credits/additions, they show on Lines 19-23.  Your Total Tax is on Line 24. 

       

      This will give you an idea of how much tax you could withhold on your Social Security.

       

      There are a couple ways you could handle this. If you are withholding tax on your annuity (which would be advisable), you could increase your withholding there (if you owe tax) so that you may not need to also withhold on your Social Security. 

       

      Any current withholding on your annuity shows on Line 25b and reduces your Total Tax.  Compare the amount on Line 33 (Total Payments) to the Total Tax on Line 24.  If you owe tax, increasing your annuity withholding could wipe out tax owed, so you would not need to withhold tax on your Social Security. 

       

      If you want to leave the withholding on your Annuity as is, then have tax withheld from your Social Security in the %  as discussed above.

       

      Hope this helps! 

       

       

       

       

       

      **Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"
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