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I would like to have taxes taken out of my SS benefit every…

Customer Question
I would like to...

I would like to have taxes taken out of my SS benefit every month once I start receiving the benefit in February. I plan to continue working full time for another year while collecting my benefit. What % should I have taken out for taxes?

Accountant's Assistant: These retirement benefits are supposed to help us but they can be so complicated! The Retirement Expert will help you get the most benefits propertly. Is there anything else important you think the Retirement Accountant should know?

My yearly salary is about 104,000/yr

Submitted: 8 months ago.Category: Social Security
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Answered in 14 minutes by:
11/11/2017
Social Security Expert: Barbara, Enrolled Agent replied 8 months ago
Barbara
Barbara, Enrolled Agent
Category: Social Security
Satisfied Customers: 6,361
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
Verified

Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

As you probably know, you can have 7, 10, 15, or 25 percent deducted from your Social Security benefit amount.

Because of your salary, 85% of your Social Security will be taxable.

While you are working, I would recommend 25%.

The form you will use is Form W-4V. It can be found at the following link:

https://www.irs.gov/pub/irs-pdf/fw4v.pdf

You can mail it or deliver it in person to your local Social Security office.

If you provide your city and state, I can let you know the correct address.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Barbara
Barbara, Enrolled Agent
Category: Social Security
Satisfied Customers: 6,361
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Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.

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