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Re: Share your concerns about Social Security

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Message 11 of 326

No concerns at all. Everything is awesome.

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Re: Share your fears about Social Security

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Message 12 of 326
  • I would like to know if AARP is fighting for seniors on these topics that are important to us.
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Periodic Contributor

Re: Share your fears about Social Security

3,426 Views
Message 13 of 326

Iam new to make sociale sécurité

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Re: Share your fears about Social Security

3,512 Views
Message 14 of 326

you have to wait 2 years before you can get medicare if you are on SSDI. 

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Re: Share your fears about Social Security

3,303 Views
Message 15 of 326
END OBAMA'S CUTS NOW!!!
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Honored Social Butterfly

Re: Share your concerns about Social Security

3,366 Views
Message 16 of 326

@k212924swrote:

I received a back award of 35000, on my social security disability ward plus my monthly payment. I am being taxed on $ 55000. I'm scared to death to get my taxes done. I wasn't aware that I would have to pay taxes on this income


I came back to tell you specifically what the IRS says about your problem and the options they give you to figure any tax that might be due, if any.

 

IRS - FAQ on Taxing of Back Payments of Social Security benefits

 

You DO NOT have to file amended returns but you must use the LUMP SUM ELECTIONS method of figuring any tax is due.

 

Go to IRS Publication 915 and then scroll down to the highlighted term LUMP SUM ELECTION for complete instructions on completing the worksheet.

 

IRS - Publication 915 - Social Security Benefit (Taxation Worksheets)

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Honored Social Butterfly

Re: Share your concerns about Social Security

2,955 Views
Message 17 of 326

@k212924swrote:

I received a back award of 35000, on my social security disability ward plus my monthly payment. I am being taxed on $ 55000. I'm scared to death to get my taxes done. I wasn't aware that I would have to pay taxes on this income


In a nutshell - you may or may not be taxed on some or all of your SSDI benefit because the the amount of your benefit that is taxable depends on how much you have in other income.

 

However, in your case since it was a back award - did this amount cover several years?  You may have to go back and amend old returns - consult an IRS Certified Enrolled Agent or a Tax Professional.

 

IRS - Regular Social Security and Social Security Disability Income - FAQ

 

Social security benefits include monthly retirement, survivor and disability benefits.

 

The net amount of social security benefits that you receive from the Social Security Administration is reported in Box 5 of Form SSA-1099, Social Security Benefit Statement, and you report that amount on your income tax return (Form 1040, line 20a or Form 1040A, Line 14a).

 

The taxable portion of the benefits that's included in your income and used to calculate your income tax liability depends on the total amount of your income and benefits for the taxable year. You report the taxable portion of your social security benefits on Form 1040, line 20b or Form 1040A, line 14b.

 

To find out whether any of your benefits may be taxable, compare the base amount for your filing status with the total of:

  • One-half of your benefits; plus
  • All of your other income, including tax-exempt interest.

The base amount for your filing status is:

  • $25,000 if you're single, head of household, or qualifying widow(er),
  • $25,000 if you're married filing separately and lived apart from your spouse for the entire year,
  • $32,000 if you're married filing jointly,
  • $0 if you're married filing separately and lived with your spouse at any time during the tax year.

If you're married and file a joint return, you and your spouse must combine your incomes and social security benefits when figuring the taxable portion of your benefits. Even if your spouse didn't receive any benefits, you must add your spouse's income to yours when figuring on a joint return if any of your benefits are taxable.

 

 

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Silver Conversationalist

Re: Share your concerns about Social Security

2,958 Views
Message 18 of 326

@k212924s

I suggest you visit the IRS web site and look at, Social Security Benefits Worksheet. Use this link below. 

 

https://www.irs.gov/pub/irs-pdf/i1040gi.pdf   (See Page 30)

 

IRS   https://www.irs.gov/

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Re: Share your concerns about Social Security

2,959 Views
Message 19 of 326

I received a back award of 35000, on my social security disability ward plus my monthly payment. I am being taxed on $ 55000. I'm scared to death to get my taxes done. I wasn't aware that I would have to pay taxes on this income

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Re: Share your concerns about Social Security

3,896 Views
Message 20 of 326

On the monies going out - I am confused: How many folks are collecting Social Security Disability dishonestly? This includes those billboards in West VA whereby a lawyer offers to help people collect (hmmmm) to illegal immigrants coming in and getting on disability (can they?). I saw a YouTube called: Dearborne Michigan about all the (HAPPENS to be Moslems) coming here and going on Medicaid and Social Security, have 5 kids, driving Mercedes, refusing to learn the language....

 

SO QUestion: as we being taken for fools? I ASK this as I learn corporate America has massive age discrimination, I can NOT get hired back into my old career parth (this started at age 58 and I'm now 63) and so LOOKING at filing....to learn that BECAUSE Social Security is going broke, our professional career politicians passed something in the cloak of night that IF I make OVER poverty level, I have to pay BACK $1 for every $2 of social Security benefits I earn. REALLY? THIS IS EVIL, malfeasance, dispictable.....(BOTH sides of the aisle have allowed this - our "Professional Career politicians" ALL prance away multi-millionaires with guaranteed lifetime pensions and healthcare WHILE compromise OUR quality of income in old age???? Very angry. 

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