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Social Security beneficiaries can request voluntary withholding from federal taxes

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Social Security beneficiaries can request voluntary withholding from federal taxes
Detroit Lakes Minnesota 511 Washington Avenue 56501

Q: What taxes are withheld from SSA benefits?

A: None. Taxes are not routinely withheld from Social Security benefits.

If desired, you can request voluntary federal tax withholding from your monthly Social Security benefits. See www.socialsecurity.gov/planners/taxwithold.htm.

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To start voluntary Federal tax withholding, complete Internal Revenue Service (IRS) form W-4V (Voluntary Withholding Request, available online at www.irs.gov/pub/irs-pdf/fw4v.pdf) and return it to your local Social Security office.

To change or end an ongoing voluntary withholding you would complete another form W-4V.

When completing the W-4V you select a percentage of benefits for tax withholding, not a flat dollar amount.

Options are to have 7 percent, 10 percent, 15 percent or 25 percent of your monthly benefit withheld.

Voluntary withholding is only for federal taxes, not state or local taxes.

Social Security employees cannot provide tax advice.

If voluntary withholding interests you, discuss it with your tax preparer or call IRS at 1-800-829-3676 (TTY 1-800-829-4059).

Did You Know? Expanded online services for my Social Security accounts were announced this month. Details are available online at www.socialsecurity.gov/myaccount. Advance registration is required, and you can choose from different security options.

Available to people age 18 and over, your online my Social Security account is a valuable source of information beginning in your working years and continuing when you receive Social Security benefits.

Once registered, if not receiving benefits now you can get your own SSA Statement for financial planning.

If now receiving Social Security or Supplemental Security Income (SSI), you can get a letter verifying the amount of your benefit and other information, your payment history, and your earnings record online.

Social Security beneficiaries also can change their address and start or change direct deposit information online, without contacting Social Security.

Register now at www.socialsecurity.gov/myaccount.

Based in Grand Forks, Howard I. Kossover is the Social Security Public Affairs Specialist for North Dakota and western Minnesota. Send general interest questions to him at howard.kossover@ssa.gov. Read his online articles at socialsecurityinfo.areavoices.com.

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