Most Seniors Are Paying the IRS Every Month Without Knowing — One Form Stops It

There is a box on your Social Security form marked voluntary federal income tax withheld. If there is a figure in it, money has been leaving your check every month, and at the end of the year the government hands part of it back and calls it a refund. That is your own money returning late, with nothing added for the year it was held. In this video I go through the twelve things that decide how much is leaving and how to stop it. Where to look on the S S A ten ninety nine and the ten ninety nine R. Why the pension and the Social Security are two separate taps that need two separate instructions. The three forms, W four V for Social Security, W four P for a pension, W four R for a retirement account. The only four percentages Social Security will withhold, and why stopping is not the same as choosing the smallest one. What happens if you are not required to file at all. And the last one, which is the money you have already overpaid and the three year deadline that takes it away for good. This is education, not financial, tax, or legal advice. In this video: 0:00 Money is leaving before you see it 0:52 Number 12 - the box on your Social Security form 2:00 Number 11 - your pension is a separate tap 3:10 Number 10 - why the money arrives smaller 4:05 Number 9 - three checks, three forms 4:55 Number 8 - the only four percentages 5:50 Number 7 - stopping is not the same as choosing zero 6:35 Number 6 - do you owe anything at all 7:20 Number 5 - not required to file, so nothing comes back 8:05 Number 4 - the third tap if you still work 8:50 Number 3 - your state takes a separate cut 9:35 Number 2 - the honest warning before you switch it off 10:20 Number 1 - the refund that is already gone 11:00 The three moves together THINGS TO CHECK / OFFICIAL SOURCES: - Social Security, request to withhold taxes (the four percentages, how to start, change or stop): https://www.ssa.gov/manage-benefits/request-withhold-taxes - I R S, filing past due returns (the three year rule on claiming a refund): https://www.irs.gov/businesses/small-businesses-self-employed/filing-past-due-tax-returns - I R S, About Form W-4R (nonperiodic payments and rollovers): https://www.irs.gov/forms-pubs/about-form-w-4r - I R S, About Form W-4P (periodic pension and annuity payments): https://www.irs.gov/forms-pubs/about-form-w-4-p - I R S, Publication 505, Tax Withholding and Estimated Tax: https://www.irs.gov/forms-pubs/about-publication-505 - I R S, Form 4506-T (wage and income transcript, box on line 8): https://www.irs.gov/forms-pubs/about-form-4506-t - I R S, Get Transcript: https://www.irs.gov/individuals/get-transcript #SeniorFinance #IRS #SocialSecurity #TaxWithholding #RetirementIncome