Federal Tax withholding on my FERS retirement seems too small

[jmk909er]

I am 65 and retired from federal civil service and I am now receiving my FERS retirement pension. When I look at my statement only $25/month is being taken out in federal tax! I am having another $25 additional taken out but even $50 doesn't seem like enough. I am also having $25/month withheld for Oklahoma state tax.

I have looked all over online but cannot find a clear answer on how much I should have withheld and I don't want a big tax bill at the end of the year.

Here are my numbers in the attachment. (I have omitted personal information.) I am married filing jointly.
How much tax should be withheld from my FERS Pension?

I will also include our social security monthly for my wife and I combined is $3477.60 and we each have 10% taken out in federal tax.


Thanks, Joe

 

[Shcoll]

I am 65 and retired from federal civil service and I am now receiving my FERS retirement pension. When I look at my statement only $25/month is being taken out in federal tax! I am having another $25 additional taken out but even $50 doesn't seem like enough. I am also having $25/month withheld for Oklahoma state tax.

I have looked all over online but cannot find a clear answer on how much I should have withheld and I don't want a big tax bill at the end of the year.

Here are my numbers in the attachment. (I have omitted personal information.) I am married filing jointly.
How much tax should be withheld from my FERS Pension?

I will also include our social security monthly for my wife and I combined is $3477.60 and we each have 10% taken out in federal tax.


Thanks, Joe

Yes , I think your concern is correct, you may end up getting a bigger tax bill at the end. One way to accumulate a tax credit is calculate additional 8% to 10% of the Fed pension personally every month and make estimated tax payment on IRS website and keep track of it and by year end that will give you tax credit that you apply towards your fed tax owed. IRS will not send you 1099, so don't expect it from them. This is my second time doing this to cleanup our tax issues.