72 t and SS tax
L1: 72 t and SS taxDo I need to select yes for jiont since I am married? Do I pay FICS and SS tax for 72t distributions? Thanks2010-11-12 03:32, By: Nextstep, IP: [126.96.36.199]
L2: 72 t and SS taxSEPP 72-T distributions are from retirement accounts. They are not wages, payroll, or self-employment. They are subject only to federal ( and most state) INCOME taxes, but not FICA/SS or Medicare taxes.
Usually you have federal income taxes withheld based upon your tax bracket, which for most people is probably 25%. ( 20% withholding may be ok, depending upon your tax situation.)You should be filling out an 8 1/2 x 11form from the brokerage firm, mutual fund company, or bank, not a W-4 which is for wages by employers. There should not be any choice as to married or single. What is the form number that someone gave you ?The form should also have a place for you to name your primary beneficiary (usually your spouse, but not always), and your secondary or contingent beneficiaries (usually your children, per stirpes). Almost never name your estate as the beneficiary.2010-11-12 05:31, By: dlzallestaxes, IP: [188.8.131.52]
L2: 72 t and SS tax>>Do I need to select yes for jiont since I am married?
If you are referring to the option on the calculators, the answer is no. You can use the individual calculations. 2010-11-12 13:12, By: Gfw, IP: [184.108.40.206]