Social Security Retirement Benefits
In 2024 I will start receiving my social security benefits I was told that social security benefits are taxable how do I know how much taxes to have taken out of my Social Security before receiving my check?
Answers
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When FreeTaxUSA notifies you (probably in December) that the software for 2023 tax filing is available, use it to do a practice run of your income and expenses for 2024, assuming you don't have any withholding taken from your Social Security benefits. It doesn't have to be exact, just approximate. If the result tells you that you'll owe some amount, you can choose to have that much withheld. On the other hand, taking too much withholding is just lending the money to the government interest-free, which never made any sense to me.
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Hi Gram,
The IRS has a very helpful Interactive Tax Assistant just for this topic. Please see:This should help you figure out if any of your Social Security it taxable and help you figure out how much federal taxes to withhold, if any.
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Gram, there's also a very helpful article with examples at the following link:
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