Retirement Taxes
I listen to you on WGN.
Here’s my question-
I get 4663 pension and 2916 SSA (Gross) monthly.
I’m having 12 % taken out for Fed taxe’s. (both) I’m 64 yrs old and single.
Can you tell me if that is enough ? I have talked to a CPA and another advisor,but the answer was not real clear.
Thanks
Terry Says
Did you file your tax return for 2023 a couple of weeks ago? Did you owe taxes? If so, then increase your withholding on your SS to 20%.
By my rough math, you are getting about $60,000 in pension benefits and $36,000 in SS. That’s well above the “no-tax income limit” of $25,000.
Read this article to understand how your SS benefits (85% of your benefit) may be subject to income tax.
And your CPA should be able to answer this question! But again, if you filed for 2023 and had to pay taxes, solve that problem by withholding more from your SS check!
