Voluntary Tax Withholding

by admin on August 9, 2019

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)

{ 1 comment }

Social Security 1099 Forms

July 10, 2019

As of today Social Security has completed mailing form 1099 to all Disability and Retirement beneficiaries. The amounts on this 1099 have been reported to IRS for tax purposes. Remember, Social Security benefits (with the exception of SSI) are not exempt from Federal income tax. Whether or not you have to pay income tax at [...]

Read the full article →

Replacing Your Social Security Card

May 21, 2019

Millions of people request replacement Social Security cards every year. Social Security has recently changed the rules for accepting applications for these cards. Here is what you need to know to get your Social Security card replaced. In order to replace your Social Security card you will need to fill out an application; the application [...]

Read the full article →

Are Social Security Benefits Taxable?

April 21, 2019

Social Security benefits are not exempt from Federal income tax. This is true for both Social Security retirement and disability benefits. SSI benefits however, are not taxable. Whether or not you have to pay income taxes on these benefits depends on your total income for the year. For most people who receive Social Security benefits [...]

Read the full article →

How Social Security Works: The Trust Fund

April 1, 2019

A common misconception about Social Security is that: “The money I pay into Social Security is my retirement or disability, and when I retire that pile of money is there waiting for me.” In fact, the taxes you pay on your wages fund the Social Security Trust Fund, which actively pays the people who are [...]

Read the full article →
Page 1 of 212