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Re: Share your fears about Social Security

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I share your views of Social Security, there are so many things going on and a blind eye says nothing, when will this change, these are our elected officials who we vote into office.  Mid-terms are coming along this is the time to vote for change, someone who will stand up for us as we are the majority!!!   Remember we have the power if we vote for change. 

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Re: Share your concerns about Social Security

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No concerns at all. Everything is awesome.

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Re: Share your fears about Social Security

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  • I would like to know if AARP is fighting for seniors on these topics that are important to us.
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Re: Share your fears about Social Security

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Iam new to make sociale sécurité

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Re: Share your fears about Social Security

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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

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END OBAMA'S CUTS NOW!!!
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Re: Share your concerns about Social Security

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@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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Re: Share your concerns about Social Security

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@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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Re: Share your concerns about Social Security

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@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

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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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