Linda From Maine wrote:
Incorrect, as has already been explained. It depends!!
My military retirement pay is taxable. The amount the federal gov't withholds every month is based on current filing status: single-no dependents. I tried to change that one year (back when I was receiving refunds of more than $600), but the system told me it was against the law to declare more dependents than I actually have.
So, tell me how you would get around that??
Linda…. you can’t do this? https://www.irs.gov/taxtopics/tc410
I collect pensions from two companies. For one, I over withhold. For the other, as well as SocSec, I don’t withhold at all. I then adjust the withholding from my IRA RMD taken in December to address any potential shortfall from other taxable investments. Don’t you have the same option?