Social security retirement benefits and taxes deducted
I turned 70 and now started receiving my social security benefits. I still work full time and what I want to know is if I should have them deduct taxes from the benefits I receive and if so how much? I think I will be working for at least another year full time so I want to avoid having to pay taxes on this income.
Terry Says
You definitely want to have taxes withheld from your SS payments, or you’ll have to make quarterly estimated filings. AARP has a great calculator to determine how much you’ll need to make in estimated payments (based on your SS and other income such as interest, pension, etc). https://www.aarp.org/money/taxes/1040-tax-calculator/
