How to check/increase my Social Security tax withholding percentage chosen earlier this year?
I started receiving my Social Security retirement benefits in January and filled out a form to have taxes withheld. Now I'm thinking I probably didn't withhold enough, but I can't remember what percentage I chose (10%? 12%? 15%?). I've logged into my MySocialSecurity account but can't figure out where to see my current withholding rate. Anyone know where to find this information online? And if I want to increase the percentage, do I need to fill out a whole new form or can I just update it somewhere on the SSA website? Getting worried about owing a bunch at tax time next year.
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CosmosCaptain
You won't find your current withholding percentage in your MySocialSecurity account. To see your current withholding, you need to look at your benefit verification letter (which shows the amount being withheld) or check your bank deposit to see how much is being taken out. To change your withholding, you'll need to submit a new Form W-4V to the SSA. Your options are 7%, 10%, 12%, or 22% federal tax withholding - no other percentages are available. You can download the form from the IRS website or pick one up at your local SSA office.
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Ravi Choudhury
•Thank you! That's really helpful. I didn't realize there were only specific percentage options. Do you know if I can submit the new W-4V online or do I have to mail it in? And approximately how long will it take for the change to be processed?
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Freya Johansen
i had the same problem last year lol. you cant see the % online which is anoying. i had to call SSA to find out what i picked. took me like 4 tries to get thru to a person tho!!!
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Omar Fawzi
•Same experience here! The MySocialSecurity site is decent for some things but terrible for others. Seems like such basic info should be available online.
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Chloe Wilson
You have to submit a new Form W-4V (Voluntary Withholding Request) to change your withholding percentage. The SSA doesn't provide this information online, which is frustrating but typical of their outdated systems. You can only choose from 7%, 10%, 12%, or 22% for federal taxes. Some states also allow you to withhold state taxes, but that varies. I recommend calling your local SSA office to verify your current withholding before submitting a new form. They can tell you exactly what you're currently having withheld. Once you submit the new form, it typically takes 1-2 months for the change to take effect.
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Ravi Choudhury
•Thanks for the specific percentages! I think I chose 10% in January but that's probably not enough with my pension income. I'll definitely go with 12% or 22% on the new form. Is there any way to estimate how much I should withhold so I don't end up owing too much or getting a huge refund?
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Diego Mendoza
When I try calling the SSA, I always get disconnected or have to wait on hold forever! Anyone else have this problem? It's so frustrating when you need to find out basic info about your benefits.
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Anastasia Romanov
•I had the same issue when trying to check my withholding rate. After multiple disconnected calls, I tried using Claimyr.com to get through to an SSA agent. They basically call SSA for you and then connect you when an agent is available. Saved me hours of hold time. They have a video showing how it works: https://youtu.be/Z-BRbJw3puU Once I got through, the agent was able to tell me my current withholding percentage and explained the process for changing it with a new W-4V form.
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Ravi Choudhury
I found a benefit verification letter in my MySocialSecurity account and it does show how much is being withheld each month, but not the percentage. At least I can calculate it now by dividing the withheld amount by my total benefit. Looks like I only chose 7% back in January - definitely need to increase that! Will download the W-4V form today.
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StellarSurfer
•Smart to check now rather than waiting until tax time! I made that mistake my first year on SS and ended up owing a bunch. Remember that if you have other income besides SS (pension, 401k, part-time work), you might need more than just the SS withholding to cover your total tax liability. Some people forget that SS is only partly taxable depending on your other income.
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Omar Fawzi
Does anybody know if changing your withholding affects your Medicare premium too? I'm confused about how all this works together.
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Chloe Wilson
•No, changing your tax withholding has no effect on your Medicare premium. Medicare premiums are determined by your modified adjusted gross income from 2 years ago (so 2023 income determines 2025 premiums). Tax withholding is just about how much federal tax is taken from your benefit payment - completely separate system from Medicare premium calculations.
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CosmosCaptain
Just to update everyone on the timeline: once you submit the new W-4V form, it typically takes the SSA about 4-6 weeks to process the change. The new withholding rate will apply to payments after processing is complete. If you're concerned about owing taxes for 2025, you could also make quarterly estimated tax payments directly to the IRS to supplement your withholding until the new rate kicks in.
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Ravi Choudhury
•I submitted my new W-4V form requesting 12% withholding yesterday via certified mail. Thanks everyone for your help! I'll keep an eye on my deposits to see when the new rate takes effect. Really wish the SSA would make this information more accessible online - seems like a simple thing they could add to our accounts.
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