Taxes on pensions

[AD59]

I’m 64 and still working. My company is letting me turn on pension a few months early. It’s only a few hundred dollars a month, but still …  I don’t plan to retire for a few more years but inflation is killing me. I’m going to turn on a second small pension next year when I turn 65. My question is: Is it better to have the taxes taken out of the pensions or just change my withholding at work to single 0 or keep it as single 1? I can’t afford to see a tax attorney, accountant or financial planner. And payroll wouldn’t give me an idea of how much difference single  1 vs single 0 would be on my paycheck. Thanks. 

[LoriLeighEA]

Hi AD59 - thanks for joining us today!

The best way to figure out your withholding question is to use our awesome tax estimates calculator.

Here is the link for it: 

https://turbotax.intuit.com/tax-tools/calculators/w4/

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[AD59]

I’mmsorry, but that wasn’t helpful at all. It suggested I claim 3 dependents when I don’t have any at all!