topic Re: Werid Social Security Question in Community Chat

Werid Social Security Question

I am still oxox — Mon, 30 Dec 2024 19:51:53 GMT

My husband and I both have additional money taken out of our Social Security to help balance out our tax bill. What will happen if Social Security becomes untaxable. I'm not sure I am expressing myself correctly but I hope I have. I do not have an account but thank you all.

Re: Werid Social Security Question

Nightowlz — Mon, 30 Dec 2024 21:00:26 GMT

We don't pay federal taxes on SS. We will still be paying State tax. Not all states have a state tax.

I think there are only 9 states that pay federal taxes on SS.

Re: Werid Social Security Question

Q-Checker — Mon, 30 Dec 2024 22:25:35 GMT

NY State does not tax Social Security benefits. It sounds like you have additional federal tax withheld from your Social Security check. At this point, Social Security payments are subject to federal tax in accordance with a schedule, the amounts varying subject to a variety of factors that can be viewed online.

Re: Werid Social Security Question

CelticCrafter — Mon, 30 Dec 2024 21:06:33 GMT

I guess like any other tax overpayment, you get back when your taxes or fill out a new form if you don't want the IRS to have your money for the year.

Re: Werid Social Security Question

CelticCrafter — Mon, 30 Dec 2024 21:11:08 GMT

@Q-Checker wrote:
NY State does not tax Social Security benefits.

Social Security doesn't withhold voluntary state tax, only federal.

Re: Werid Social Security Question

I am still oxox — Mon, 30 Dec 2024 21:33:10 GMT

Thank you all for your answers

Re: Werid Social Security Question

pigletsmom — Mon, 30 Dec 2024 21:36:42 GMT

If it ever comes to pass that there will be no taxes on it then I assume they would stop deducting it when that happens.

Re: Werid Social Security Question

Carmie — Mon, 30 Dec 2024 21:47:44 GMT

I know you can change the amount taken out by filling out a form and you can stop it from being taken altogether.

I don't know if the form will need to be filled out and a request made, or it it will automatically be stopped if no longertaxed.

I guess we'll cross that bridge when we come to it.

Re: Werid Social Security Question

Lakelife62 — Mon, 30 Dec 2024 22:55:36 GMT

Don't hold your breath, would be my advice.

Re: Werid Social Security Question

shoekitty — Mon, 30 Dec 2024 23:18:37 GMT

I think if your income is higher people take out from their social security as well to cover tax bills. If you collected pensions, dividends , etc it helps. If you live on only social security it should be no problem. I would think in your case if SS becomes untaxable they would fail to take those taxes out. We have several hundred taken out of SS for Medicare, and then we have money taken out husbands SS as well. The IRS seems to never get their belly full, lol

Re: Werid Social Security Question

I am still oxox — Mon, 30 Dec 2024 23:57:11 GMT

@Lakelife62 wrote:
Don't hold your breath, would be my advice.

@Lakelife62 I have proof and can prove that the took out the funds if and when it comes down to it

Re: Werid Social Security Question

Lakelife62 — Tue, 31 Dec 2024 00:03:59 GMT

@I am still oxox wrote:
@Lakelife62 wrote:
Don't hold your breath, would be my advice.
@Lakelife62 I have proof and can prove that the took out the funds if and when it comes down to it

What I meant was there will most likely never be a repeal of tax on social security. The little person will always come last. So you probably won't have to worry about it at all.

Re: Werid Social Security Question

occasionalrain — Tue, 31 Dec 2024 00:24:02 GMT

I don't have taxes taken out, instead I put the tax amount in a savings account that pays 4.5 % interest. I don't see any reason the government should have my money prior to filing my return..

Re: Werid Social Security Question

songbird — Tue, 31 Dec 2024 01:15:28 GMT

Maryland doesn't tax S.S. benefits (I was shocked to discover) But it does tax IRA withdrawals and has estate taxes. I was shocked as Maryland is a highly taxable state. It's always been on the richest state list ever since they had them because of taxes and that congress has private homes here and the closeness to D.C. Also Maryland is not a tax friendly place for retirees. It's not like Florida's aging population.

Re: Werid Social Security Question

meem120 — Tue, 31 Dec 2024 02:31:18 GMT

Not to worry. It will never happen! No matter what was said

Re: Werid Social Security Question

yamma024 — Tue, 31 Dec 2024 03:17:03 GMT

@occasionalrain You have to pay quarterly estimated taxes to the IRS or you are charged a penalty. Even if you have paid your taxes by the due date.

Re: Werid Social Security Question

branny — Tue, 31 Dec 2024 03:44:50 GMT

it was just his normal sales pitch.

Re: Werid Social Security Question

bikerbabe — Tue, 31 Dec 2024 04:09:24 GMT

Won’t happen. SS already pays out more than it brings in and benefit cuts are looming within the next decade without changes. Eliminating all taxes on SS would just accelerate busting the SS bank.

Re: Werid Social Security Question

CalminHeart — Tue, 31 Dec 2024 12:43:02 GMT

My state stopped taxing Social Security and pension payments in 2022. I don't have any state withholding on them - but I do have federal withholding taken out.

I inherited some stock that had to be sold before dividing among the 7 of us siblings. This is taxable so I had state withholding taken from my portion.

Re: Werid Social Security Question

Still Raining — Tue, 31 Dec 2024 13:34:37 GMT

Rather than dealing with the SS bureaucracy to set a withholding, why not do quarterly estimates? That way you have control.