Q & A

Can I have taxes withheld from my Social Security check?

Complete Question: I am kicking myself because I filed my income taxes for 2014 and owed a lot of money. I kept hearing that I didn’t really need to worry about my Social Security benefits, so I didn’t. Little did I know that my withdrawals from my IRA were going to cause such a big problem. I’m thinking that it might help me budget for next year if Social Security were to just withhold income tax from my benefit, but they’ve never done that before. Is that even an option? If it is, how do I get them to do it?

Answer: Actually, you can have income tax withheld from your benefit – all you have to do is make a request. You need to fill out the form W-4V, which is similar to a W-4 that you would fill out for an employer (“V” stands for “Voluntary” because you do not have to have taxes withheld from your benefit). It is a very short, simple form that Social Security supplies on their website. The major difference between a W-4 and a W-4V is that the W-4V asks how much you want taken out of your benefit. You are allowed to choose from 7%, 10%, 15%, or 25% of your benefit amount, but you cannot choose a dollar amount or a different percentage not listed.

If at any time you want to either change the percentage or stop the withholding altogether, you fill out the same form and simply check a different box.

C.J. Miles, MSA, MBAHCM
Research Analyst & Certified Social Security Advisor
AMAC Foundation
Notice: If any information contained in this posting may be construed as an opinion it is solely that of the authors and not necessarily that of AMAC Foundation or any of its affiliates. If you have any additional questions about Social Security income tax, or any other Social Security issue, you can reply below. When replying to this website, please do not provide any personal identification information, such as Social Security numbers. If you would like to discuss your situation privately, you can email C.J. Miles at [email protected].

What's Your Opinion?

We welcome your comments. Join the discussion and let your voice be heard. All fields are required

Website by Geiger Computers