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Form W-4V for South Carolina: What You Should Know

Form W-4V is used to request an additional federal tax withholding of 10 percent (10%) of the value of your social security benefits. If you did not have Social Security benefits before, you must complete a waiver form provided by the Social Security Administration (SSA). Form W-4V is also used to request an additional federal tax withholding of 10 percent (10%) of a person's wages if they are an employee and have Social Security benefits but who are not the head of the household. If a request for a federal withholding is made (for example, by submitting an IRS Form 1040 or Form W-2), you must include a copy of Form W-4V with Form 1040-ES. If your benefits include income earned after 2018, this does not include any income you earn after 2023 before the withholding is applied. For information about how Social Security benefits are treated after 2018, see Notice 2016-54. For more information, contact SSA at. When your SSA releases your benefits to the government, it withholds taxes from some or all of the benefits, so you don't have to pay Social Security taxes on the value of your benefits. The amount you're withheld will reduce your benefits. You also have to pay self-employment tax on the value of your benefits. The government can take a big portion of that tax, known as FICA, for you — unless you file an additional tax return (Form 1040-V). If you get government help to get your benefits paid, you can get help with that yourself. For example, check with your employer first if the government helps pay your benefit benefits. The government can reduce the amount withheld from your benefits if you or your employer do not meet the income requirements for filing a tax return or the required filing status. It also can take additional Social Security tax (currently 6.2% for unmarried individuals without dependent children, but it can go as high as 10%) and FICA tax (currently 14.3%). You must meet the 10% federal withholding requirement for a one-year period to receive federal benefits (called the one-year service requirement). For more details on how benefits are treated when you request a federal withholding, see Notice 2010-41. If your spouse receives Social Security benefits, you can request the additional tax withholding at a later date if the withholding does not meet 10% income requirement.

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