started receiving my Social Security in February of 2023. I am also working part time at a company 24 hours a week. My question is... I feel like I missed something when I signed up for Social Security because they are not taking any taxes out. What did I miss? How do I go about fixing it so I don’t get hit at the end of the year? They are taking taxes out of my paycheck now, do they still take it out of my Social Security because I am working? Please help if I am not doing something right. Signed: Conscientious Senior Dear Conscientious: Unfortunately, when the Social Security Administration processes your application for benefits, they don’t usually inform you that your Social Security benefits may become part of your taxable income. I expect that’s because your benefits only “may” become taxable – they do not definitely become taxable, because Social Security benefits are taxed only if you exceed a certain income threshold.
Lifestyle
September 26, 2023
About Income Tax on Social Security Benefits