SS tax question

[rfuerst911sc]

I am going to meet with a tax advisor but there is a lot of knowledge on this board so figured I would ask here also . My wife and I are both retired , she has a pension and her SS . I have my pension and my first SS check will arrive the middle of next month .

When my wife filed for her SS we decided to have 12% withheld for federal tax . I pulled that % right out of my butt 😊 . I wanted to get my first check before filing an amendment to have taxes taken out of mine . I personally think maybe we should both have 10% taken out .

Everything we own is free and clear so our only bills are utilities and general living expenses . I really don't care if we get a refund at the end of the year but I don't want to owe . So for those of you that are retired and drawing SS are you having taxes withdrawn ? How did you determine the right percentage ? I know this is very generic and again I will meet with a tax professional . Thanks in advance for your advice .

[wdfifteen]

Your accountant will estimate your taxes based on the info you provide and if your income situation will be stable in the future that’s the amount you will owe every year. You can elect to have it withheld or send a check every quarter.
I’m not a fan of withholding myself. It makes taxation more real to me if I’m writing checks.

[Sooner or later]

TurboTax has a free quick and dirty estimator.

[dan88911]

I do 12% my tax guy suggested 20%.
It has worked well for me.