Return to the Retirement Forum | Post a Follow-Up

SS: choosing a withholding percentage

Posted by phrog (My Page) on
Tue, Feb 11, 14 at 13:44

I'm going to start receiving SS retirement checks next month, and I have to choose a percentage to have withheld. The choices are 7, 10, 15, and 25. But I haven't found any advice on which to choose, only on how to calculate the taxable amount.

Is there a simple way to pick one of the four. Just guessing it's one of the two in the middle.

Follow-Up Postings:

RE: SS: choosing a withholding percentage

There's not a simple answer to the question, it depends on what other income you have and your filing status.

Google IRS Publication 915. The first pages explain how to estimate the taxability. If that's too complicated for you, ask your tax return preparer for help

RE: SS: choosing a withholding percentage

I don't remember having to do that when I went on SS. I did have to when I started receiving my husband's pension after he passed away.

RE: SS: choosing a withholding percentage

If you have to pay income taxes on your income, regardless of source, either you have money withheld or you pay quarterly estimated tax payments.

This post was edited by sushipup on Sun, Feb 16, 14 at 10:17

RE: SS: choosing a withholding percentage

What is your regular tax bracket now? That is the least percentage amount you want withheld from your SocSec. There are no simple answers, especially since you provide no information on your other income, if any.

 o Post a Follow-Up

Please Note: Only registered members are able to post messages to this forum.

    If you are a member, please log in.

    If you aren't yet a member, join now!

Return to the Retirement Forum

Information about Posting

  • You must be logged in to post a message. Once you are logged in, a posting window will appear at the bottom of the messages. If you are not a member, please register for an account.
  • Please review our Rules of Play before posting.
  • Posting is a two-step process. Once you have composed your message, you will be taken to the preview page. You will then have a chance to review your post, make changes and upload photos.
  • After posting your message, you may need to refresh the forum page in order to see it.
  • Before posting copyrighted material, please read about Copyright and Fair Use.
  • We have a strict no-advertising policy!
  • If you would like to practice posting or uploading photos, please visit our Test forum.
  • If you need assistance, please Contact Us and we will be happy to help.

Learn more about in-text links on this page here