Don't be surprised by Social Security taxes

When you apply for your Social Security retirement benefits, you need to think about how much you want withheld for taxes. Many people overlook this issue – only to face an unpleasant surprise at tax time, because Social Security benefits may be added to taxable income.

Using Form W-4V, you can have 7, 10, 12 or 22 percent of your monthly benefit withheld. Your tax advisor can help you choose the appropriate percentage.

And you have other ways to control the taxes due on your benefits. For example, if you meet certain conditions, withdrawals from a Roth IRA will not be taxed, so they won’t inc...