Hi,
I am retired now, and am just starting my SS. I submitted my application back in December and my first SS check will be in March! I am doing it at FRO, 66 and 2 months.
Anyway, I was curious about setting up tax withholdings on it. It's not clear to me what to set that to just yet. So, there will be no withholdings to start. My wife is still working fulltime for another 2 years.
My understanding is that up to 85% of my SS income will be taxable by the Feds. We have no state tax on SS income.
So, my thinking is not worry about for now until my wife retires and then our retirement situation will be stable. Until then, I can do quarterly estimated tax payments. Or .. I just set up some automatic withholdings (TBD).
I was just curious what other folks do??
I am retired now, and am just starting my SS. I submitted my application back in December and my first SS check will be in March! I am doing it at FRO, 66 and 2 months.
Anyway, I was curious about setting up tax withholdings on it. It's not clear to me what to set that to just yet. So, there will be no withholdings to start. My wife is still working fulltime for another 2 years.
My understanding is that up to 85% of my SS income will be taxable by the Feds. We have no state tax on SS income.
So, my thinking is not worry about for now until my wife retires and then our retirement situation will be stable. Until then, I can do quarterly estimated tax payments. Or .. I just set up some automatic withholdings (TBD).
I was just curious what other folks do??