Question about Social Security and Medicare Premium Deduction

[djsander]

The application doesn’t address taxes and it really should. Anyway, there is a W4-V form you can mail in to your local SS office for the withholding. We were told to wait until my husband got the approval letter and then mail it in.

I think it’s strange that SS doesn’t have an online with holding for taxes. I have a small federal pension and my online account with OPM allows me to designate a federal and state with holding in any amount. You would think with the ability to sign up online for SS you would be able to designate any dollar or percent amount instead of just a paper form with pre set percentages. That piece seems to be stuck in the 1980s.

 

[pb4uski]

A different question on this subject, can Medicare payment not being auto deducted from SS? Reason is that we have large amount of HSA that need to be used

IMO the best thing is to have the Medicare Part B and D premiums deducted from SS and then later do a withdrawal from your HSA to reimburse yourself for the cost.

While you could do the withdrawals monthly if you wish to, I just do HSA withdrawals once a year in January to reimburse us for all HSA eligible expenses in the previous year, which include Part B and Part D premiums paid, Part B deductibles and other our of pocket qualified medical expenses like dental, vision, Part D deductibles and co-pays for Rx, etc.

 

[meleana]

I think it’s strange that SS doesn’t have an online with holding for taxes. I have a small federal pension and my online account with OPM allows me to designate a federal and state with holding in any amount. You would think with the ability to sign up online for SS you would be able to designate any dollar or percent amount instead of just a paper form with pre set percentages. That piece seems to be stuck in the 1980s.

Exactly! After we submitted the application for my husband I remembered someone on a forum saying you can ask for taxes to be withheld in the comments section, but of course it was too late. But no where on the application is this issue addressed. I have also heard others say if you apply on the phone you can ask. Or if a rep from SS happens to call you regarding the application you can tell them at that time.


I called our local SS office in Concord, NH and the person there said to just fill in the W4-V form and mail it to their office once we receive the application approval letter- NOT to the office approving the application, which in our case is in Boston.


It should be simple for them to include this question on the application. I don't get it.