The federal agency has unveiled a new Tax Withholding
Estimator.
Chris Kissell • September 26, 2019
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The IRS
is trying to make it easier for retirees to figure out how much should be taken
for taxes from their pension payments and Social Security benefits.
The
federal agency recently unveiled a new Tax Withholding Estimator. The tool replaces
the Withholding Calculator that was previously available on the IRS website.
As is
generally the case for workers and their paychecks, retirees should withhold
the correct amount of taxes from their retirement income if they want to avoid
a surprise bill from Uncle Sam — and possible penalties — on Tax Day.
If
you’re a retiree and determine that you should change the amount of taxes that
are being withheld from your Social Security payments, you can learn how to
make that change in “An Easy Way to Avoid a Tax Day Bill on Your Social
Security Income.”
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