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BLOG: Tax Concerns: If you have other income and are collecting Social Security... Taxes???

Question:

 

I was told that Social Security insurance benefits are not income taxed by the IRS.  Is this true?

 

Answer:

 

That depends.  If your "combined income" which includes some of your SS benefit, exceeds a set threshold, yes, at least some of your SS benefit will be taxed (but not all).  If you know you have other income, be it from investments, your work, a spouse's work, and you would like to have the SSA withhold taxes so you don't suffer paying it by April 15, you can request witholdings.


You want IRS form W-4V.  When you complete the form, you will need to select the percentage of your monthly benefit amount you want withheld. You can have 7%, 10%, 15% or 25% of your monthly benefit withheld for taxes.

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