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Last year I started collecting Social Security. Since I am

Last year I started collecting...
Last year I started collecting Social Security. Since I am already paying federal income taxes on my pension, my social security is taxable. In March my tax preparer informed me that if I waited until I filed to pay the tax, I could possibly be fined. I contacted SS and they sent me a withholding form which I promptly sent out in March. It is now July and I still have not seen the money withheld. What do I do?
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Answered in 8 minutes by:
7/2/2010
BK-CPA
BK-CPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 933
Experience: Owner of a CPA firm
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Short of contacting the agency again, taxpayers always have the ability to make an estimated tax payment.

 

I don't really like recommending estimated tax payments because they are date sensitive with respect to any potential interest and penalties on a tax return. It is therefore better to make your estimated tax payment through additional withholding which is counted as having been paid in equally throughout the year.

 

In a case where one is avoiding tax through the use of withholding late in the year, this might be a bad response, but in your case, you are trying to have tax withheld and you are doing your part, so definitely go the withholding route.

 

You can have withholding taken out of SS or perhaps also your pension payments.

 

If you make an estimated tax payment now, you probably wouldn't be subject to penalties either, but that is based on personal circumstances, so see this form to make an estimated tax payment (forms at back of book):

 

http://www.irs.gov/pub/irs-pdf/f1040es.pdf

 

Let me know if there is anything more I can do to clarify for you.

 

Thank you for your question.

BK-CPA
BK-CPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 933
Experience: Owner of a CPA firm
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