Every month, thousands of retirees have federal income taxes withheld from their Social Security benefits to avoid a surprise tax bill in April. But if your income has changed (or if you’re receiving a large refund every year), you could be withholding more than necessary. A quick review of your withholding election can help you keep more money in your monthly budget without creating problems at tax time. Here’s how you can check whether you’re withholding too much from Social Security.
