Social security payments and taxes

[leebee]

I've filed to start collecting my Social Security payments even though I'm still working through October (I'll be 70 in July... it's time). How do you decide how much to have withheld for federal taxes? Is there an option for having state taxes withheld? (DH and I had a combined taxable income of around $100K for 2025, I earn about 40% of our income, if that helps with an answer.)

 

[wabbott]

https://sites.google.com/view/incometaxspreadsheet/home/download

Here is a homemade spreadsheet I've been using for years, ever since I got tired of TurboTax's nickel and dime price hikes every year. The author is a retired nuclear engineer who got bored and decided to do something with his time. It's free, but he accepts donations.

If you're halfway proficient with excel, it's a snap to use. In our case (we're also retired), we have NO withholding done, either for federal or state. We make quarterly payments - 4/15, 6/15, 9/15 & 1/15. All the necessary forms and instructions are at your state's tax website and the IRS website.