Post: some more tax information
    Posted by: Bill T NC (now retired) on 4/14/16


    Just tiled my 2016 taxes.

    For the third year running, I owed the IRS as HUGE chunk of change....

    Seems my trouble stems from two sources:

    first, I didn't realize, two years ago, when I began drawing social security, that I
    needed to request tax be withheld. I have now, but I have been burned three times
    in the meantime.

    Second, with my state and military retirement, I was taxed only at a 10% rate, since
    it is assumed that each would be my sole means of income. When all was totaled
    up, I was put into the 25% tax bracket and WHAM.

    My tac consultant (H 7 R block) advises me to have more tax withheld from my two
    pension to solve this.


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