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Don’t be surprised by taxes on Social Security income

Don’t be surprised by taxes on Social Security income

When you reach the appropriate age, it’s easy to apply for Social Security retirement benefits – just go to Social Security’s website, fill out the online form and you’re essentially done. But many people overlook the next step – completing Form W-4V, which asks you how much federal income tax you want withheld from your benefits. And if you skip this step, you could face an unpleasant surprise when it’s tax-filing time, because Social Security benefits can indeed add to your taxable income.

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Lamesa Press-Reporter

P.O. Box 710
Lamesa, TX 79331
806-872-2177