Social Security Benefits, IRAs, Retirement Saving Accounts, 401K, and Taxes
When Social Security Benefits or retirement distributions become taxable income.
Social Security retirement benefits, survivor benefits, and disability benefits MAY be taxable income only if you or your spouse have additional income such as wages, self-employment, retirement income, interest, dividends, among others. Supplemental Security Income (SSI) payments are not taxable.
You can ask us to withhold federal taxes from your Social Security benefit payment when you first apply. If you are already receiving benefits or if you want to change or stop your withholding, you'll need a Form W-4V from the Internal Revenue Service (IRS).
Some of you have to pay federal income taxes on your Social Security benefits. This usually happens only if you have other substantial income in addition to your benefits (such as wages, self-employment, interest, dividends and other taxable income that must be reported on your tax return).
Individual Retirement Arrangements (IRAs) frequently asked questions and answers regarding taking out funds.