Voluntary Tax Withholding

by admin on December 2, 2018

If you find yourself owing money to Uncle Sam every year in April, voluntary tax withholding from your Social Security benefits could be the answer for you. If you receive Social Security Retirement or Disability benefits you can designate a percentage of your benefit amount to be paid to the IRS each month. This amount will be documented on the 1099 form that you receive from Social Security each year and could make your tax liability less of burden to pay.taxquote.jpg

To designate voluntary tax withholding for your Social Security benefits you need to complete a form W-4V. This form is not available on Social Security’s website for some reason and the only way to get it is to call 1-800-772-1213 and ask for one or visit your local Social Security office.

Once you have the form you will designate the percentage you want withheld, sign on the dotted line and return the form to Social Security. There are only five percentages to choose from: 0%, 7%, 10%, 15% and 25%. You would select 0% only if you would like to stop the withholding. Once you have returned the form it will take 30-60 days for Social Security to process before the withholding starts. (It seems to take Social Security 30-60 days to do just about everything)

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