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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 7344
Experience:  15years with H & R Block. Divisional leader, Instructor
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I am working full time, and receiving SS security check. My

Customer Question

I am working full time, and receiving SS security check. My friend told me I should pay those taxes on SS Security income every 3 months. How can I do it? Where can I get the form and what address should I send it to?
Please help!
Thanks!
Submitted: 2 years ago.
Category: Tax
Expert:  tax-doctor replied 2 years ago.
hello, my name is XXXXX XXXXX i'll be happy to walk you through this process. you did not mention your age but it's true that if you have not reached FULL retirement age you are required to return 1 dollar for every 2 dollars earned OR depending on your DOB 1 dollar for every 3 dollars earned call(NNN) NNN-NNNNto discuss OR post your full DOB for me and i'll checkout for you. Also, if you work more than 45 hrs per MONTH SS no longer considers you retired...if you have anymore questions on this subject please ask otherwise please rate my answer OK or higher so that I'm pd for answering it for you, thank you!
Expert:  Robin D. replied 2 years ago.
Hello and thank you for using Just Answer,
I sounds as if your question is more about paying tax on the social security and not if you must return any payments.
First you must see if your SS will be taxable.

To find out whether any of your benefits may be taxable, compare the base amount for your filing status with the total of:

  • One-half of your benefits.
  • All of your other income, including tax-exempt interest.

The base amount for your filing status is shown next:

  • $25,000 if you are single, head of household, qualifying widow(er) or married filing separately living apart from your spouse at any time during the tax year.
  • $32,000 if you are married filing jointly.
  • $-0- if you are married filing separately and live with your spouse at any time during the tax year.

The taxable amount of the benefits can be figured on a worksheet in the Form 1040 Instructions or Form 1040A Instructions, or in Publication 915, Social Security and Equivalent Railroad Retirement Benefits.

Once you calculate if any is taxable then you can make estimated tax payments or have your employer withhold more.

If you receive salaries and wages, you can avoid having to pay estimated tax by asking your employer to withhold more tax from your earnings. To do this, file a new Form W-4 (PDF) with your employer. There is a special line on Form W-4 for you to enter the additional amount you want your employer to withhold.

If you would rather make estimated payments then use Form 1040-ES, Estimated Tax for Individuals (PDF), to figure and pay your estimated tax.

 

I sincerely XXXXX XXXXX additional information addresses your question.

Expert:  Robin D. replied 2 years ago.

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Customer: replied 2 years ago.

Thank you so much for your help. It was my fault that I did not make it clear.I was born in May 4, 1946. I work about 34 hours every week.From January this year till May 2012,I received $1100 every month as a survivor benefit from my husband who passed away 20 years ago.I was told last year when I went to SS office to apply for my medicare, I was entitle for those money until I turn 66 in May. From June this year, I am geting $2157.00 each month, this is my own monthly retirement benefit. As I stated before my friend told me that I have to send in my quarterly payment to IRS, otherwises I will be penalise.


Please help me to figure our how much to pay every 3 months. Will that be enough if I send in $500.00 every 3 months?


Thanks again .

Expert:  Robin D. replied 2 years ago.

Hello,

It is going to depend on what you are receiving from work. Your wages are added to half of your SS payments for the year. If that amount is less than $25000, none of your SS payments will be taxable. Your friend is kind of correct, you are penalized if you do not pay in enough tax during the year but just because you are working and getting SS does not automatically mean that you will have to pay tax on the SS.

You did not say what your wages are nor if you are already having taxes withheld for the wages.

Will that be enough if I send in $500.00 every 3 months?
It may be enough and it may be too much. Generally, most taxpayers will avoid the penalty if they owe less than $1,000 in tax after subtracting their withholdings and credits, or if they paid at least 90% of the tax for the current year, or 100% of the tax shown on the return for the prior year, whichever is smaller. Paying $2000 in would help ensure that you missed the penalty.

Thank you for coming back and responding.

 

Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 7344
Experience: 15years with H & R Block. Divisional leader, Instructor
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