Larry,
I originally had 15 percent withheld from my social security check 5 years ago. Will social security automatically lower the withholding rate to the new rate of 12 percent or will they grandfather my old rate of 15 percent in? Do I need to fill out a new W-4V form if I still want 15 percent withheld or is this not possible?
Hi,
Is monthly federal withholding tax on Social Security benefits calculated on the full benefit amount or on the amount remaining after the premium for Medicare Part B is deducted? For example, if my full benefit is $1,000 and I elect 10 percent withholding, is my monthly tax $100 ($1,000 x .10) or $86.60 ($1,000 - $134 = $866 x .10)? Many thanks.
Hi,
HI Larry, my question...i am 68 years old, i am a widower, getting survivorship social security benefits of $ 550 x month,, i also drive for UBER,, independent contractor.DO i have to file taxes when my 2017 adjusted gross income was $ 8100 .?,,i am not collecting my own retirement benefits yet..
Appreciate your help.
Guillermo
Hi Guillermo,
I’m 60 now. I already collect a pension which amounts to $2,800 a month. If I collect SS at 62 1/2 or 66 years old, how much can I earn without being heavily taxed? I have a small business which earns about $5000 a year now.
Hi,
I just started receiving social security benefits and completed the W-4V form to withhold 10% for federal taxes. I just received the benefits statement, and I noticed that the 10% calculation was derived from the total benefit LESS the $134 Medicare deduction. Example, keeping the math simple - lets say my initial benefit amount was $1,134. After deducting $134 for Medicare, the benefit is reduced to $1,000 and they are now withholding 10% of the $1,000, not the $1,134.
I receive a government pension (worked for USPS for 37 years) I receive $76K from the USPS pension and another 19K form Thrift Savings plan. My wife start collecting Social Security this August. My question - Is my government pension and Thrift Savings accounts considered taxable income for my wife's Social Security? According to SS "If you are married and you and your spouse have a total income of more than $32,000," you may have to pay taxes on the benefits you get from SS.
A few month ago I wrote to you about $25,000 that SSA put in my checking account. My wife turned 62 a year and half before me, she took her SS, a year an half later I took my SS; seems like her SS payments should have gone up do to my higher earnings. SSA also put $4,718.00 in my grown sons account?..Question will I have to full taxes on the 25 K or shouldn't I only have to pay the 20% or whatever it is? All This came about due to my passing away after being married to my for 55yrs. I called SSA to stop SS check and then this happened.
Hi,
Will I have to pay any federal or state taxes if I receive a widow's SS benefit of approximately $1400 per month and a pension of approximately $950 per month. Does social security consider my pension (retirement) additional income each year?
Thank you!
Elizabeth
Hi Elizabeth,
Can you explain why since PI income is not adjusted for inflation, over time a lower amount of MAGI causes a given amount of SSB to be taxable
Hi,
Sorry, but no. Social Security is my only area of expertise, and my knowledge doesn't extend to the taxation of benefits regulations (https://www.ssa.gov/planners/taxes.html).
Best, Jerry
My wife started collecting ssi last year at 62 and I continued to work all year over 50,000. We filed jointly. Does my income affect how much tax we have to pay when filing? I read that we must claim her 6250 ssi and pay 85% or 1176 dollars back to the government. Is this correct? The IRS 1040a states we must claim her ssi and pay on it. Please reply. Thanks, George
Hi George,