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Honored Contributor
Posts: 17,156
Registered: ‎03-09-2010

Re: Werid Social Security Question


@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

Stop being afraid of what could go wrong and start being positive what could go right.
Respected Contributor
Posts: 2,169
Registered: ‎05-09-2023

Re: Werid Social Security Question


@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.

Honored Contributor
Posts: 11,515
Registered: ‎03-10-2010

Re: Werid Social Security Question

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..

Honored Contributor
Posts: 10,357
Registered: ‎03-21-2010

Re: Werid Social Security Question

[ Edited ]

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.  

Respected Contributor
Posts: 2,375
Registered: ‎03-09-2010

Re: Werid Social Security Question

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

Super Contributor
Posts: 454
Registered: ‎08-21-2017

Re: Werid Social Security Question

@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.

Super Contributor
Posts: 273
Registered: ‎01-19-2012

Re: Werid Social Security Question

it was just his normal sales pitch. 

Honored Contributor
Posts: 9,656
Registered: ‎03-09-2010

Re: Werid Social Security Question

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.
Honored Contributor
Posts: 12,101
Registered: ‎03-09-2010

Re: Werid Social Security Question

 

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.

Honored Contributor
Posts: 8,220
Registered: ‎03-30-2014

Re: Werid Social Security Question

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