Social Security
Change the amount of tax withholding
Social Security and also have a Job
High Income and impact to Medicare costs
ARE YOU LOOKING TO ADJUST THE AMOUNT OF FEDERAL TAX WITHHELD FROM YOUR SOCIAL SECURITY PAYMENTS?
Follow these two simple steps:
Complete IRS Form W-4V: Unlike Form W-4, which is for employer use, Form W-4V is specifically designed for government payments such as Social Security or Unemployment. Your tax counselor can provide guidance on the appropriate percentage to withhold.
Submit the Form: Print the completed Form W-4V and send it to your local Social Security Office. You can either mail it or fax it; unfortunately, online submission is not available at this time. To find the correct Social Security office, use the online Locator based on your home zip code. In case the Locator link is not functional, refer to the Social Security office associated with the county of your residence.
Here are the contact details for selected counties:
Brazoria County:
Address: 2921 N Valderas St., Angleton, TX 77515
Phone: 1-866-338-2940
Fax: 1-833-902-2570
Galveston County:
Address: 2835 Gulf Freeway South, League City, TX 77573
Phone: 1-866-299-3254
Fax: 1-833-902-2584
Harris County:
Address: 3300 Watters Road, Pasadena, TX 77504
Phone: 1-800-772-1213
Fax: 1-833-950-2414
ARE YOU Receiving Social Security and I also have a job?
The impact on your Social Security payment depends on your Full Retirement Age (FRA), which varies based on your birth year:
If you were born before 1938, your FRA is 65.
If you were born after 1960 your FRA is 67.
If you were born between 1938 - 1960, FRA increased by 2 months/year from 65 to 67
For Individuals below their FRA:
If your earnings exceed $21,240 (or $22,320 for 2024), your Social Security payment will be reduced by $1 for every $2 of earnings above this threshold.
In the year you reach FRA and the months leading up to it:
You can earn up to $56,520 (or $59,520 for 2024) without affecting your Social Security payment. Beyond this limit, your payment will be reduced by $1 for every $3 of earnings above $56,520.
Once you reach your FRA:
Additional earnings will not impact your Social Security payment.
ARE YOU CONSIDERED "HIGH INCOME"? (MAGI: Single over $103,000. Married over $206,000)
The law requires that some people pay higher premiums for the Medicare Part B and Part D because of their higher income. These increases in the premiums are called the Income-Related Monthly Adjustment Amounts (IRMAA).
IRMAA is determined by income from you taxes two years prior (2024 Medicare increased costs are due to income from Tax Year 2022). Specifically, the income is Modified Gross Adjusted Income (MAGI) which is the Adjusted Gross Income (AGI), plus tax-exempt interest income. The MAGI calculation for IRMAA does not include untaxed Social Security benefits.
For example: some who filed Single in 2022 with an AGI of $90,000 plus tax-exempt interest of $20,000 would have a MAGI of $110,000. Their medicare deduction from their Social Security check for each month would be the standard of $174.70 plus an additional $69.90 or a total of $244.60 per month for thier Part B Medicare.
