The Social Security Administration increases benefits when inflation goes up. This affects American retirees because they may have to pay taxes to the IRS since they are in a different tax bracket after the increase.
Submitting a request to pay taxes on your Social Security is what the Internal Revenue Service suggests to avoid paying a large bill during the tax season. So, a request to withhold taxes can sort out this problem.
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How can I request the IRS to withhold taxes from my Social Security benefits?
The Social Security Administration offers several possibilities to recipients. For example, they can simply mail a request to withhold taxes. In this way, you will forget about paying large bills to the Internal Revenue Service at tax time.
Before you can mail your tax withholding request, you need to download Form W-4 V, which is a Voluntary Withholding Request form from the IRS’ official website.
This form will be suitable for Social Security recipients and some other taxpayers. For example, for those receiving unemployment compensation, Commodity Credit Corporation Loans, RUIA and so on. Visit IRS’ website for more details: https://www.irs.gov/forms-pubs/about-form-w-4-v.
Do you need support to request the IRS Voluntary Tax Withholding?
The Social Security Administration recommends calling them. All you have to do is call +1 800-772-1213. They will be available from 8 a.m to 7 p.m. and they speak English, Spanish, and some other languages.
Do not forget to tell the representative that you would like to request to withhold taxes from your Social Security retirement or disability benefits all year round, rather than paying a large bill to the Internal Revenue Service.
If you are hard of hearing or deaf, there is an alternative phone number. Call TTY +1 800-325-0778. For your information, a recipient may have to pay taxes to the IRS if their combined income exceeds $25,000 per year if they file individually.