52 Ways #15 - Can Uncle Sam Tax SS Benefits? - SimpliFi
We’re often asked, are social security benefits taxable? They are, but whether yours are subject to federal and state taxes depends. If social security benefits are your only source of income, they likely aren’t taxable. However, if you’re receiving money from a job, pension, or 401(K) and IRA withdrawals, up to 85% of your benefits may be subject to federal tax. 13 states also have a tax of their own on social security. Want to avoid a big tax payment at tax time? Use Form W-4V to ask the Social Security Administration to withhold federal income tax from your benefits. This information is provided for general information purposes only and is not intended to provide specific investment advice. The information in the articles should not be relied on for tax reporting, accounting, or valuation purposes. Past performance is not a guarantee of future performance. It is not possible to invest directly in an index. Please note that links to third party websites are provided as a courtesy. When you link to a third-party website, you are leaving this website. We make no representation as to the completeness or accuracy of information provided at these websites. Nor are we liable for any issues or consequences arising out of your access to or your use of third-party technologies or websites made available through this website.