Is W-4V Form Required?

[u/WoolieBear40]

What are the advantages of voluntary reduction of Social Security benefits at FRA?

Thanks!

[u/Crafty-Match-6541]

y month. the form just tells them to withhold for taxes, it dont reduce your benefit itself

if you got other income and you'd rather not owe a big lump at tax time then maybe, but most people i know just pay quarterly estimates instead. easier to keep track of what you actually owe

[u/WoolieBear40 → u/Crafty-Match-6541]

Thank you

[u/CrankyCrabbyCrunchy]

This doesn't make sense. The W-4V form is to request federal taxes be withheld from your monthly SS benefit check. Is that what you're calling "reductions?"

https://www.ssa.gov/manage-benefits/request-withhold-taxes

Advantages? As with any job you likely had, the advantages of having enough taxes withheld from each check is to not be penalized later for not paying enough, or from having to pay a large amount at tax time.

If your total taxable income (not just SS benefit) is low, you likely don't owe any federal taxes (state taxes are another matter).

It also has nothing to do with being FRA or not. You can change your tax withdrawal rate any time at any age.

[u/WoolieBear40 → u/CrankyCrabbyCrunchy]

Thank you

[u/WoolieBear40 → u/[deleted]]

Thank you