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Tax withheld from Social Security

I'm 70 years old and just retired.   I'm receiving Social Security and a monthly pension.  I also have a Traditional IRA, Roth IRA and regular savings.  I wasn't sure whether I should have federal tax withheld from my Social Security.  Thank you.

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Tax withheld from Social Security

It depends on your other income if Social Security will be taxable.  You should start by having some withholding then see how your tax return works out.  Then you can change it to 0 or increase it for the next year.

 

Up to 85% of Social Security becomes taxable when all your other income plus 1/2 your social security, reaches:

Married Filing Jointly: $32,000

Single or head of household: $25,000

Married Filing Separately: 0

 

 

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