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Form W-4V ND: What You Should Know

If you receive Social Security benefits after the end of the year, the IRS will withhold a proportionately lower amount from your next Federal income tax filing, depending on how many weeks you remain with the same employer. If you file your tax return before the date your check arrives, you will not be required to withhold any tax as long as you file the Form 1040 (or its corresponding Form 1040-EZ), and file your taxes electronically. Any withheld refund amount can be used as a tax reduction for the amount of Federal taxes you should have withheld. A Form 1040 Withheld refund is considered an offset against the Federal tax you must withhold. The amount withheld from a Social Security benefit may be included in your adjusted gross income, but you may not reduce the tax withheld on your return by that amount. Your Social Security benefits include both Federal and State benefits and Federal and State taxes withheld. The amount withheld from those benefits can be a tax offset, reducing your income tax, and therefore reducing your Federal income tax liability. You should include the amount withheld in your income tax computation if you claim the refund on your U.S. tax return, assuming you file the form. You will include the part of the amount withheld as income on line 21 and on line 22A for Social Security benefits and, once included, the amount withheld will be included in your income as income tax withheld on your return. Additional details can be found in IRS Publication 468 — Voluntary Withholding for Tax Purposes. The same general procedures apply to all forms, such as Form W-2G, Withholding from Form W-2G. (A list, of all forms covered by Voluntary Withholding is found to the left under Forms). Example: F has 25 weeks of work experience with an employer, which ends on December 31. F chooses to file Form W-4V. F is eligible to receive full Social Security benefits, and thus must receive a Form W-4V, at the time he files his tax return in order for his payment to be tax-deductible. F must file this Form W-4V not later than April 20 of the following year. F has 25 weeks of work experience with an employer.

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