You can have federal income tax voluntarily withheld from your Social Security check. Many beneficiaries find that helps them manage the taxes they pay on Social Security benefits. Previously, the set tax rates were 7%, 10%, 15% or 25%. Because of recent changes to tax laws, two of the withholding rates have been lowered. Currently, the pre-determined tax withholding rates have been changed to 7%, 10%, 12% or 22%.
To change your withholding rates, you can complete IRS Form W-4V. You can find it at this link: www.irs.gov/pub/irs-pdf/fw4v.pdf. Sign the form and return it to your local Social Security office by mail or in person. Use this link to locate the address for your local office: https://secure.ssa.gov/ICON/main.jsp.
If you need more information
If you need more information about tax withholding, read IRS Publication 554, Tax Guide for Seniors, and Publication 915, Social Security and Equivalent Railroad Retirement Benefits on the IRS website at www.irs.gov. You can get tax questions answered by calling IRS at 1-800-829-3676.