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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 16580
Experience:  Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level
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My pension is $3018 gross a month. If I decide to retire

Customer Question

My pension is $3018 gross a month. If I decide to retire fully this year at age 62 my Social Security will be approximately $1881 gross a month and my wife is already receiving her social security at $846 a month gross. What will I have to expect to pay in Federal taxes with these 3 combinations of retirement income?
Submitted: 1 year ago.
Category: Social Security
Expert:  Megan C replied 1 year ago.

Thank you for your question, my name is ***** ***** I will be happy to help you today.

You will owe about 3,400 in taxes, assuming worst case scenario. You can have 10% withheld from your social security check by filing form W-4V (send it to your local office) -- this should cover most, if not all, your taxes. Have your wife do the same. Combined your social security is about 32,000 a year -- so the 10% withholding will about take care of the 3,400 projection.

Please let me know if you need anything additional. If not, please rate positive.

Customer: replied 1 year ago.
Thanks Megan, this was very helpful.
Expert:  Megan C replied 1 year ago.

Great! Please rate positive, so that I may receive credit for assisting you today. If the question is not rated, your payment is still collected by the site but I am not compensated for my services. I appreciate it so much!