For me and my wife, we both currently have 15% taxes being withheld from our SS benefits. If we decided to have zero taxes withheld, can we just mail the completed forms W-4V to our local SS office?

A) That’s correct! Here’s how you and your wife can stop withholding taxes from your Social Security benefits:

  • Form W-4V: The IRS Form W-4V, Voluntary Withholding Request, is the correct form to use. You can download a copy from the IRS website IRS form W-4V:
  • Complete the Forms: Fill out a separate W-4V form for each of you. On the form, clearly mark the box on line 7 that states “Stop withholding.”
  • Mail the Forms: Send the completed W-4V forms by mail to your local Social Security office. You can find the address for your local office by using the SSA’s office locator tool Social Security office locator:

Important Notes:

  • Consider Tax Implications: While choosing to withhold no taxes now might seem convenient, remember you’ll still owe taxes on your Social Security benefits come tax time. It might be wise to consult with a tax advisor to see if stopping withholding is the right decision for your situation.
  • Future Withholding: If you decide later that you want to have taxes withheld again, you can simply submit a new W-4V form to the Social Security Administration specifying your desired withholding percentage.

By following these steps, you and your wife can stop the withholding of taxes from your Social Security benefits. Remember to carefully consider the tax implications before making this decision.

Add a Comment

Your email address will not be published. Required fields are marked *