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TaxRobin, Tax Preparer
Category: Social Security
Satisfied Customers: 15175
Experience:  15+ years in tax preparation and instruction
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Ending 2015 total income including 1040-ES form $38,754.

Customer Question

For year ending 2015 total income including 1040-ES form $38,754. I now owe th Feferal $1,400 which I plan to pay every $350.00/ each quarterly, until payed in full.
To avoid this problem for tax year 2016. Please inform me of what % must be taken from my monthly Social Security income an amount for me to not to owe IRS any money. Humany Medical Insurance , $147.00 mo, Social Security $1390.
Submitted: 1 year ago.
Category: Social Security
Expert:  TaxRobin replied 1 year ago.
HelloIf your income is not going to change for 2016 (in amount or source) and you anticipate the $1400 for 2016 again (like you had for 2015) then you can have $117 withheld form your monthly SSA benefit to cover that increase. The SSA only allows a % to be withheld so you may wish to use the 7% but that will still put you at a little under.If you want to change your withholding, you'll need a form W-4V from the Internal Revenue Service (IRS). Above is a link to the form for you to print.You are required to click a positive rating if I am to be credited with the response.You have to actively click on a rating and click submit. Smiley Faces or Stars.