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taxes
Old 01-13-2020, 11:51 AM
 
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Do you have taxes withheld from your Social Security? It says it is voluntary, but that is not making sense to me.


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Taxes
Old 01-13-2020, 12:05 PM
 
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Yes! We just started collecting last year and sparked for a 22percent withholding. May be too much but we’ll see at tax time. Did not want to be caught short!
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Old 01-13-2020, 01:27 PM
 
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No SS for California teachers, but yes, I do have taxes withheld from my monthly pension. In fact, last year my tax guy recommended I increase the amount withheld, so I did. I’m praying I don’t get hammered this year.
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Old 01-13-2020, 01:39 PM
 
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I haven't but this year I am going to since I got stuck with a $900 bill last year.
Thanks Trump.
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Yes!!!!
Old 01-13-2020, 01:48 PM
 
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Because if you don't do it now, you'll be paying big time later.

And they allow only a multiple choice amount: 7%, 12% or 22%. This really irked me as my husband got to choose (he went on SS 2 years before me). He chose 15% which is what our accountant advised. Asked the representative, and he said they changed it to those 3 choices last year.


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thank you all
Old 01-13-2020, 01:50 PM
 
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I think I need to call and get it set up to deduct. Just seems that they pay monthly money I have contributed over the years but then deduct for Medicare, deduct for taxes--sigh.

thanks for your answers, I appreciate them!
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Old 01-13-2020, 02:25 PM
 
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Yes, I took the 22%. This is my first year (started in September). DH did not and he had to make quarterly payments. He now is having a percentage taken, too.
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Old 01-13-2020, 02:41 PM
 
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No. I pay quarterly to the Feds, and the state I live in doesn't tax on retirement income.
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Old 01-13-2020, 03:03 PM
 
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So if you have money taken out of your check, and it is too much, you get refunded the money you overpaid?

If you don't have any taken out is there a penalty?

Is this correct? You have to pay taxes on it no matter what and that equals the amount that the government would take if you have it withheld in your check?

So why let the government have your money when you can put the portion you would withhold in savings and make interest on it?
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Old 01-13-2020, 04:58 PM
 
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Quote:
So why let the government have your money when you can put the portion you would withhold in savings and make interest on it?
DH strongly believed this—and I used to. But now that my interest is so minimal, I prefer the security of having it deducted monthly.


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Possible Penalty
Old 01-13-2020, 05:07 PM
 
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If you don't pay enough during the year and you owe taxes, you could get a penalty.

https://www.irs.gov/taxtopics/tc306

ETA: I learned from experience .

Last edited by JanetL; 01-14-2020 at 06:38 AM..
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Old 01-14-2020, 03:28 AM
 
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I don't have taxes taken from my social security, but I have extra taken from my state pension. I chose to do it this way as it is easier for me to adjust my withholding if necessary. The government doesn't care where the money comes from as long as it is paid.
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Old 01-14-2020, 05:48 AM
 
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Thank you for the link, Janet.
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Penalty
Old 01-14-2020, 08:27 AM
 
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We were nervous about a penalty so went for 22 percent. If it too much, we’ll reduce next year.
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Old 01-14-2020, 02:47 PM
 
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Everything is kind of like unknown this first year as far as finances go.
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Social Security
Old 01-14-2020, 04:07 PM
 
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I do not have taxes taken from my social security. I have my tax preparer figure out how much I need to pay quarterly. Then I just send SS a check.
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