How to Change Withholding for Social Security

[travelover]

I'll turn 70 midyear and will switch from spousal to my own record which will bump my payment. I'd like to bump my withholding commensurately, but I don't see a way to do that at my Social Security web interface page.


Anyone else found a simple solution? TIA

 

[cathy63]

Download and fill out the form here: https://www.irs.gov/pub/irs-pdf/fw4v.pdf

Mail it to your local SS office.

I think that's the only way since they're not open for walk-ins yet (at least the offices here aren't fully open).

 

[travelover]

Download and fill out the form here: https://www.irs.gov/pub/irs-pdf/fw4v.pdf

Mail it to your local SS office.

I think that's the only way since they're not open for walk-ins yet (at least the offices here aren't fully open).

Thanks. Silly me, I thought this was 2022.

 

[xlf11]

The withholding is for 7, 10, 12 or 22% Fed tax only, cannot for state tax.

 

[TheWizard]

But wait, there's more!
Those four witholding percentages are on the balance after subtracting Medicare payments, even though the entire amount is 85% taxable for most of us.

Just so you know...

 

[travelover]

The withholding is for 7, 10, 12 or 22% Fed tax only, cannot for state tax.

Thanks, but I don't pay no stinkin' state tax.

 

[travelover]

But wait, there's more!
Those four withholding percentages are on the balance after subtracting Medicare payments, even though the entire amount is 85% taxable for most of us.

Just so you know...

Excellent information. I did not see this detail in my perusal of the SS site. The jump from 12 to 22% is quite a jump. I need to figure a way to finesse that so I don't way over withhold.

 

[TheWizard]

Excellent information. I did not see this detail in my perusal of the SS site. The jump from 12 to 22% is quite a jump. I need to figure a way to finesse that so I don't way over withhold.

I just set SS witholding to the max and then make fine tuning adjustments in my other witholdings, mainly my RMDs now...

 

[travelover]

I just set SS withholding to the max and then make fine tuning adjustments in my other withholdings, mainly my RMDs now...

Good point, I can change the withholding on my pension and do it via the interweb.

 

[HarryHawk]

I just talked to SS this week. If all else fails, you can set up an appointment to talk to a representative. I'm turning 70 in May. I wanted to turn on my SS. Since I'm already drawing against my wife's claim, I found it difficult to see information about my claim since the system said I was already drawing benefits. I called my local office, they set a phone appointment. SS called on the appointment day and time, the rep was very helpful and informative.

SS followed up the call by sending a hard copy summary of the requested transaction.

 

[eytonxav]

I just visited the local SS office to change mine several years ago.

 

[Lakedog]

Good point, I can change the withholding on my pension and do it via the interweb.

Another option is to have all withholding from your pension and none from SS. I prefer to do that since I can change the withholding online (and as often as I like).

 

[FI_RElater]

Another option is to have all withholding from your pension and none from SS. I prefer to do that since I can change the withholding online (and as often as I like).

** best option **
especially if one finds that they can do some small Roth conversions before hitting the next bracket (especially if sub 22% and later will always be in 22%)
The SS might not be that easily changed, in time for proper amounts... I haven't started SS yet, still deferring, but do have access to be able to change withholding for pension. It helps keep more control of your options...whatever they might be... and since it's withholding it doesn't cause problems with quarterly estimated payments

 

[sakowitzm]

Why not just pay estimated taxes, so you can do the exact amount you want?

 

[Chuckanut]

I used the paper form to increase my SS withholding a few years ago. It's still slightly under what I pay, but with cyber crooks trying to ripoff income tax refunds, I prefer it that way.

There's a pretty nice online way of paying estimated taxes electronically that people can sign up for - EFTPS

 

[TheWizard]

I used the paper form to increase my SS withholding a few years ago. It's still slightly under what I pay, but with cyber crooks trying to ripoff income tax refunds, I prefer it that way.

There's a pretty nice online way of paying estimated taxes electronically that people can sign up for - EFTPS

This is a good point; I should tweak my w/h so that I owe the IRS an additional $100-$200 by next year at this time.
I'm getting a modest refund of a few hundred dollars for my 2021 return, but would rather be owing a bit in the event of ID theft.

But I just started RMDs this year and will no longer do an end of year Roth conversion (with EFTPS payment).
So I may just wait a year to see where all the withholding streams already in place put me at the end of 2022...

 

[braumeister]

would rather be owing a bit in the event of ID theft.

That may not actually help. Everything I've read about that sort of thing involves the fraudster filing a fake return claiming a huge refund, and the facts in the return bear no resemblance to your actual finances.

 

[TheWizard]

That may not actually help. Everything I've read about that sort of thing involves the fraudster filing a fake return claiming a huge refund, and the facts in the return bear no resemblance to your actual finances.

Exactly true.
So if a second return with the same SSN gets filed some weeks later also seeking a refund, it will be denied until the facts are sorted out and the rightful owner of that SSN is ID'd.

But if that second return gets filed with $180 owing to the IRS, then there's a good chance that the second return is not the fraudulent one.
I'm expecting the IRS would look at it that way...

 

[cathy63]

Exactly true.
So if a second return with the same SSN gets filed some weeks later also seeking a refund, it will be denied until the facts are sorted out and the rightful owner of that SSN is ID'd.

But if that second return gets filed with $180 owing to the IRS, then there's a good chance that the second return is not the fraudulent one.
I'm expecting the IRS would look at it that way...

If you try to e-file a second return with a SS that's already been used, it gets rejected within a few minutes. You then print it on paper and file by mail. Eventually, the IRS will send you a letter asking you to verify your identity. There are a couple of ways to accomplish that, including uploading photo ID, visiting an IRS office in person (pre-pandemic anyway), and entering numbers from past tax returns into their website. This process is the same whether the real return owes money or not, but it's probably less painful for you if they're not holding up your refund. They'll cash your check or take your electronic payment even if they're not sure which return is correct.

If you want to prevent identity theft, get an IP PIN here https://www.irs.gov/identity-theft-fraud-scams/get-an-identity-protection-pin You can get one even if you don't have a filing requirement and don't plan to file a return. If anyone tries to e-file a return with an SSN that has had an IP PIN issued, it gets rejected within a few minutes, so just having one is protection, even if you don't use it yourself.

 

[Walt34]

If you want to prevent identity theft, get an IP PIN here https://www.irs.gov/identity-theft-fraud-scams/get-an-identity-protection-pin You can get one even if you don't have a filing requirement and don't plan to file a return. If anyone tries to e-file a return with an SSN that has had an IP PIN issued, it gets rejected within a few minutes, so just having one is protection, even if you don't use it yourself.

This is what I did several years ago and it works fine. The PIN is my old I.D. number from work, which went onto every document I wrote while there so it is more-or-less "tattooed" in my brain. And in the unfortunate event I pass on in an unplanned manner I write it on a sticky note in the paper file we keep of the old tax returns so DW can find it.