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Honored Contributor
Posts: 17,033
Registered: ‎03-09-2010

Werid Social Security Question

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.

Stop being afraid of what could go wrong and start being positive what could go right.
Honored Contributor
Posts: 15,801
Registered: ‎03-11-2010

Re: Werid Social Security Question

[ Edited ]

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.

Valued Contributor
Posts: 618
Registered: ‎05-09-2010

Re: Werid Social Security Question

[ Edited ]

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.

Honored Contributor
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Registered: ‎03-09-2010

Re: Werid Social Security Question

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.

Honored Contributor
Posts: 9,928
Registered: ‎03-09-2010

Re: Werid Social Security Question


@Q-Checker wrote:

NY State does not tax Social Security benefits. 


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

Honored Contributor
Posts: 17,033
Registered: ‎03-09-2010

Re: Werid Social Security Question

Thank you all for your answers

Stop being afraid of what could go wrong and start being positive what could go right.
Respected Contributor
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Registered: ‎11-21-2011

Re: Werid Social Security Question

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. 

Honored Contributor
Posts: 20,523
Registered: ‎10-25-2010

Re: Werid Social Security Question

 

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.

Respected Contributor
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Registered: ‎05-09-2023

Re: Werid Social Security Question

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

Honored Contributor
Posts: 11,263
Registered: ‎03-10-2010

Re: Werid Social Security Question

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