Tax Law (Questions About Taxes)/lump sum pay out

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Question
I retired at 62 years old and receive a monthly payment of $1149.00.  I recently received a limp sum pay out of $34,00o and they with held 20% Federal and 4% State tax.  I noticed that no social security tax was not taken out and I'm somewhat in a panic about that. Will I be able to pay Social Security Tax when I file my taxes?  My net from this after tax was taken was $26,000 and I am not touching that money until all taxes are paid.  Can you please educate me on this?  Will this affect my social security payment or can I pay Social Security what is owed to them from the net amount I received when I file taxes?

Answer
You live in Phillipines and are a usa citizen?

Why did you take the lump sum?

Did you just retire recently?  Did you previously work in the usa?

I need more info

Send me new question and mark it private.
I will give you contact information

P  

Tax Law (Questions About Taxes)

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Tax and general business including hospitality related (hotel mgmt degree and experience in industry prior to obtaining ms tax and cpa).

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19 years cpa. ms tax. NOTE: My discussions are only a general information and do not constitute tax advise without entering into a specific agreement and executing an engagement letter; This free chat is nothing more than general information and should not be construed as tax advice nor does my response or replies imply an agreement to provide client specific advice or other guidance for purposes of avoiding IRS tax or penalties and should not be relied upon without your own validation and confirmation of the how the discussion may fit your facts... Not having all the facts and/or not having a direct client relationship prevents me from providing the most accurate replies as possible and I highly suggest using a local CPA to provide you with written advice and guidance. Taking matters into your own hands is much akin to trying to land an airplane without a license. It is easy to FLY a plane, but LANDING is when critical experience is key. In short, caveat emptor; do your homework and don't just rely on free chat board advice anywhere, anytime.

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AICPA, CSCPA (Ct society), National Tax,

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a bunch.

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MS tax and other post graduate coursework

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variety including Summa Cum Laude

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