What is the tax form for social security

Note: The content of this video applies only to taxes prepared for 2010. It is included here for reference only. We have updated the text to the current tax year as noted below.

Hello, I'm Jeremy from TurboTax, with important information about your Social Security Tax payments.

If you're employed, you may notice a line on your pay stub for Social Security, FICA, or OASDI. These all relate to the same Social Security Tax you must pay and are separate from your federal income tax. The government collects this money to fund the benefits you will eventually receive when you retire and to provide assistance to people who are enable to work.

Whether you are employed or work for yourself, you must pay 12.4 percent of the first $147,000 (in 2022) of your income to Social Security. However, if you are an employee, only 6.2 percent is taken from your wages and your employer pays the other 6.2 percent on your behalf. If you're self-employed, you must pay the entire 12.4 percent yourself, but you can deduct half of it on your federal income tax return. The amount you pay for the Social Security Tax always reduces the amount of your income, subject to the income tax.

Let me give you an example of how this works. If you earn $100,000 dollars per year at your job, $6,200 of it goes to pay Social Security taxes. Only the remaining $93,800 dollars is subject to income tax. So, at least, you're not being taxed twice on the same money if you are self-employed.

For more information about income taxes, visit TurboTax.com.

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When you apply for Social Security benefits, you can request to have federal income taxes withheld from your payments. However, if you’re already receiving benefits or want to make changes, the Social Security Administration advises filling out Form W-4V from the Internal Revenue Service.

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Federal income taxes are typically paid on Social Security benefits if you have other substantial income in addition to your benefits, such as wages, self-employment, interest, dividends and other taxable income. You may have to pay federal income taxes on your Social Security benefits if you:

• File a federal tax return as an individual. If your combined income is between $25,000 and $34,000, you may have to pay income tax on up to 50% of your benefits. If it’s more than $34,000, up to 85% of your benefits may be taxable.

• File a joint return. If you and your spouse have a combined income that is between $32,000 and $44,000, you may have to pay income tax on up to 50% of your benefits. If it’s more than $44,000, up to 85% of your benefits may be taxable.

• Are married and file a separate tax return, you may have to pay taxes on your benefits.

You can find and download Form W-4V on IRS.gov or call the IRS toll-free number at 1-800-829-3676 and ask for Form W-4V, Voluntary Withholding Request. If you’re deaf or hard of hearing, you can call 1-800-829-4059.

If you don’t have your federal income tax withheld from your benefits, you’ll be required to make quarterly estimated tax payments

You’ll also need to select the percentage of your monthly benefit amount you want to be withheld. The SSA states that you can have 7, 10, 12 or 22 percent of your monthly benefit withheld for federal income taxes. Flat dollar amounts are not accepted.

Once the form is completed, return it to your local Social Security office by mail or in person. If you want to make any changes in the future, you’ll need to fill out a new Form W-4V.

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This article originally appeared on GOBankingRates.com: Social Security: Use This IRS Form To Have Federal Income Tax Withheld

An SSA-1099, also known as a Social Security Benefit Statement, details income from Social Security payments. The Social Security Administration mails SSA-1099s every January to U.S. citizens and residents who received benefits the previous year so they can include the information on their tax returns.

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If you did not receive your SSA-1099 or have misplaced it, you can get a replacement online if you have a My Social Security account. Sign in to your account and click the link for Replacement Documents. You’ll be able to access your form and save a printable copy.

The same goes for an SSA-1042S, the tax form Social Security sends to beneficiaries outside the United States who are not U.S. citizens and are not considered U.S. residents for tax purposes.  Broadly speaking, that means foreign nationals who do not have a green card or did not spend a substantial portion of the prior three years in the United States.

If you don’t have a My Social Security account, you can call Social Security at 800-772-1213 or visit your local office to request a new SSA-1099 or SSA-1042S. Local offices fully reopened April 7 after being closed to walk-in traffic for more than two years due to the COVID-19 pandemic, but Social Security recommends calling in advance and scheduling an appointment to avoid long waits. If you live abroad, contact your nearest Federal Benefits Unit.