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Old 02-17-2016, 11:46 AM
 
Location: rhode island
33 posts, read 22,793 times
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should I have taxes taken out of my social security or just pay at the end of the year when I file. ill make about 27,000 from social security thanks.
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Old 02-17-2016, 11:54 AM
 
71,643 posts, read 71,777,271 times
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it depends on your total magi income not just what ss gives you
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Old 02-17-2016, 11:58 AM
 
Location: Wasilla, AK
7,261 posts, read 4,147,049 times
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If you don't have taxes withheld, you need to determine if you have to make estimated quarterly tax payments. Otherwise you may be subject to penalties and interest, on top of any taxes you may owe.
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Old 02-17-2016, 12:02 PM
 
Location: SoCal
13,235 posts, read 6,340,776 times
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I would use Taxcaster to predict what you would pay.
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Old 02-17-2016, 12:43 PM
 
Location: Florida
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You should pay your estimated taxes 4 times per year. To make it simple I would have the taxes taken out of the SS check so I do not have to file estimated tax payments.
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Old 02-17-2016, 01:14 PM
 
Location: SoCal
13,235 posts, read 6,340,776 times
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I've underpaid taxes many years, I rarely pay more than $70 for penalty. But I've always paid more than 90% the year before. I've withholding nothing except when I have to take money out of my husband's 401k, there is a minimum 10%.
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Old 02-17-2016, 05:13 PM
 
Location: Los Angeles area
14,018 posts, read 17,744,100 times
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Quote:
Originally Posted by rjm1cc View Post
You should pay your estimated taxes 4 times per year. To make it simple I would have the taxes taken out of the SS check so I do not have to file estimated tax payments.
We don't have enough information from the OP to know if your suggestion makes sense or not. If his income is all or mostly from SS (that is, if he does not have other substantial income) then his SS will not be taxed at all.

Under more normal circumstances, 85% of our SS retirement benefit is subject to federal income taxation. Most states, including even California, do not tax Social Security income.
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Old 02-17-2016, 07:55 PM
 
Location: Columbia SC
8,974 posts, read 7,749,631 times
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Quote:
Originally Posted by Escort Rider View Post
We don't have enough information from the OP to know if your suggestion makes sense or not. If his income is all or mostly from SS (that is, if he does not have other substantial income) then his SS will not be taxed at all.

Under more normal circumstances, 85% of our SS retirement benefit is subject to federal income taxation. Most states, including even California, do not tax Social Security income.
Good reply. The answer is not generic. It depends on one's situation.

One thing about many of the tax prep programs is one can "run" many different scenarios with the same package and never have to file anything. Spend $20 to $40 for one and run different scenarios.
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Old 02-17-2016, 08:30 PM
 
Location: Florida
4,365 posts, read 3,704,692 times
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Quote:
Originally Posted by Escort Rider View Post
We don't have enough information from the OP to know if your suggestion makes sense or not. If his income is all or mostly from SS (that is, if he does not have other substantial income) then his SS will not be taxed at all.

Under more normal circumstances, 85% of our SS retirement benefit is subject to federal income taxation. Most states, including even California, do not tax Social Security income.
You are correct we do not have all the needed info. This is true about most questions. My assumption is that the OP would select the % to withhold as SS gives you some control over the amount withheld.
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Old 02-18-2016, 11:43 AM
 
Location: rhode island
33 posts, read 22,793 times
Reputation: 42
Default federal taxes on social security

Quote:
Originally Posted by daves 57 View Post
should I have taxes taken out of my social security or just pay at the end of the year when I file. ill make about 27,000 from social security thanks.
I should have mentioned that im full retirement age 66 and im still working until September at which time ill have earned approx., 50,000. so if I add the 27,000 to the 50,000 that will put me at 77,000. maybe I should have my employer deduct an extra 100 dollars a week from my pay in federal taxes to help offset anything I might owe?
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