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I and my husband are recently retired and both getting

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I and my husband...

I and my husband are recently retired and both getting Social Security and distributions from one IRA and one Annuity...The annuity has 10% withheld for federal taxes and 5% with held for state...SS and our RA distribution do not have taxes withheld...what percentage should I withhold for these two?

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Submitted: 7 months ago.Category: Tax
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Answered in 1 minute by:
10/6/2017
Tax Professional: Robin D., Senior Tax Advisor 4 replied 7 months ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,814
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 7 months ago

SSA will only withhold federal taxes and nothing for any state. They allow you to pick 7%,10%, 15%. or 25%. You are not taxed on your full SSA benefits but if you request that 10% be withheld then that would assist in covering your possible tax liability.

The withholding is specifically tied to your actual taxable amounts so unless you know what you will owe it is difficult to say.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 7 months ago

If you tell me your income amounts I can do an estimate for you.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 7 months ago

Do you want me to estimate your tax liability? If you do then I will have to know the amounts you are receiving from all those accounts.

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