Social Security benefits and federal income tax

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Social Security benefits and federal income tax

Question from Ellie:

Hi Alan,

I have been getting SSD since Sept of 07.

I usually do our taxes myself. Can you reccomend something to help me with our return? My husband still works . Do I have to claim all that I got in SSD or just half?

Also is it too late to have taxes taken out my SSD for this new year?

Thank you for all your help.

ellie

Response from Alan:

Hi Ellie,

Income tax is payable on a portion of your Social Security benefits once your joint total income exceeds a certain level. Exactly how much is taxable is figured on a sliding scale. The best place to go is IRS publication 915.  Here's a link:

http://www.irs.gov/publications/p915/index.html


You can start voluntary federal tax withholding from your SSD any time during the year. You'll need to complete a form W-4V and mail or take it to your local Social Security office. It usually takes one or two months for the deductions to begin.

Here's a link to the form itself, along with the instructions.

http://www.irs.gov/pub/irs-pdf/fw4v.pdf


Good luck with your return!

Alan

January 30, 2008

 


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