A) According to Social Security administration you are not required to have federal taxes withheld from your benefits. However, you may find voluntary tax withholding easier than paying quarterly estimated tax payments. To begin federal tax withholding or to change your current withholding amount, follow these steps:
Step 1: Print and complete IRS Form W-4Vto indicate what percentage (7,10,15, or 25) of your monthly benefit amount you want withheld.
Step 2: Sign and return the form to your local Social Security office by mail or in person.
For more information about Form W-4V contact the Internal Revenue Serviceonline or by phone at 1-800-829-1040. You may also obtain the form by calling Social Security at 1-800-772-1213 (TTY 1-800-325-0778) between 7 a.m. and 7 p.m., Monday through Friday.