"A" suffix is for benefits on your own work record. If it's the spouse (let's say a woman over age 62) who wants FITW and is claiming off her husband's work record (spousal benefit).......then the husband's SSN goes on line 4 and the suffix is "B". This is my understanding of Line 4 with the aforementioned top 2 most used scenarios with both spouses still alive and well.
I called SS and was told the % withheld was based on gross less the Medicare Part B premium. Just to confirm, from what I read below, the % withheld is on the gross. Is that correct?
Yes. You should send it to the SSA, not the IRS. According to the SSA, you should "Find the Social Security office closest to your home and mail or fax us the completed form."
I have a question that I haven't been able to find an answer to anywhere. I am still working full-time and just started collecting my SS benefits at full retirement age. I am over the earnings limit, therefore subject to federal income tax on 85% of my SS benefit. I filled out form W-4V and when I received my 1st check it appears they withheld taxes on 100% of my benefit. Is this normal? Do they withhold taxes on 100% then it gets resolved when I file my federal tax return? Thanks for any insight you can provide.
Your assumption is correct. By filing Form W-4V, you're asking them to withhold taxes on 100% of your benefit, since the government does not know whether you'll be paying taxes on 0%, 50%, or 85% of your SS benefit. It does get resolved when you file your income tax return, as the taxes that you paid are all totaled against your tax liability for the year.
Each tax situation is different, based on your sources of income and other tax withholdings. You may want to use either the IRS withholding calculator, or the tax estimator worksheet located in the Form 1040-ES instructions to help determine your withholdings. Here are links to more resources on both: IRS withholding calculator: th-cam.com/video/zXA4ut_OTzU/w-d-xo.html IRS Form 1040-ES, Estimated Tax Voucher Article: www.teachmepersonalfinance.com/irs-form-1040-es-instructions/ Video: th-cam.com/video/MqA_0OX9kxI/w-d-xo.html
My mom asked me to help her fill out this form. I was uncertain about number 4. Thank you for the clarification and your video.
Is the suffix ("A") necessary on line #4 with the social security #? I only ask because the social security # on my card doesn't include that. Thanks.
"A" suffix is for benefits on your own work record. If it's the spouse (let's say a woman over age 62) who wants FITW and is claiming off her husband's work record (spousal benefit).......then the husband's SSN goes on line 4 and the suffix is "B". This is my understanding of Line 4 with the aforementioned top 2 most used scenarios with both spouses still alive and well.
Thank you for this. Paperwork gets so confusing sometimes
I called SS and was told the % withheld was based on gross less the Medicare Part B premium. Just to confirm, from what I read below, the % withheld is on the gross. Is that correct?
Can this form W-4V be used to withold tax from one's social security? And if so, where should it be sent to?
Yes. You should send it to the SSA, not the IRS. According to the SSA, you should
"Find the Social Security office closest to your home and mail or fax us the completed form."
Can i drop off this form without making an appointment?
I have a question that I haven't been able to find an answer to anywhere. I am still working full-time and just started collecting my SS benefits at full retirement age. I am over the earnings limit, therefore subject to federal income tax on 85% of my SS benefit. I filled out form W-4V and when I received my 1st check it appears they withheld taxes on 100% of my benefit. Is this normal? Do they withhold taxes on 100% then it gets resolved when I file my federal tax return? Thanks for any insight you can provide.
Your assumption is correct. By filing Form W-4V, you're asking them to withhold taxes on 100% of your benefit, since the government does not know whether you'll be paying taxes on 0%, 50%, or 85% of your SS benefit.
It does get resolved when you file your income tax return, as the taxes that you paid are all totaled against your tax liability for the year.
I already submitted my request how long it takes for ssa takes to deduct from my ssa
There's no guidance from the SSA on this. However, I've seen some online forums state that it should take about 1-2 months for this to process.
How do I determine the percentage amount to have taken out?
Each tax situation is different, based on your sources of income and other tax withholdings. You may want to use either the IRS withholding calculator, or the tax estimator worksheet located in the Form 1040-ES instructions to help determine your withholdings. Here are links to more resources on both:
IRS withholding calculator: th-cam.com/video/zXA4ut_OTzU/w-d-xo.html
IRS Form 1040-ES, Estimated Tax Voucher
Article: www.teachmepersonalfinance.com/irs-form-1040-es-instructions/
Video: th-cam.com/video/MqA_0OX9kxI/w-d-xo.html
Thank you!!! For Sharing!!!