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06-17-2008, 07:36 PM | #1 | |||
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Wise Elder
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Alan just told me that when we are 66 and our disability income turns into Retirement Income, that they will take tax out of it.
I have never heard of such a thing in my life, and it's too late to call the Social Security Administration. So if anyone knows if they tax your Social Security Check, I'd love to find this out. Thanks much. Melody
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06-17-2008, 08:09 PM | #2 | |||
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Grand Magnate
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I asked my Mom about this, and she says no, they don't take taxes out of your Social Security..Though if you want them to, you can choose to have that done..
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06-17-2008, 09:18 PM | #3 | |||
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Wise Elder
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Why would ANYONE have taxes taken out of their social security check?? To me, that's why we paid into Social Security in the first place, all these years..right?
People on Social Security need ALL the income they can get. With all the co-pays and meds, etc. Thanks much for the information. Thank your mom too!!!
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06-17-2008, 10:23 PM | #4 | |||
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Grand Magnate
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LOL..That was my first question, too. Why would you CHOOSE to have taxes taken out? I suppose some people use it as kind of a savings account, get it all back at tax time..To each his own, I guess!
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06-17-2008, 10:38 PM | #5 | |||
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Elder
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Hi Melody,
I found this on the SSA site: http://www.ssa.gov/pubs/10035.html If you scroll to the bottom you will see what I pasted here. Your benefits may be taxable About one-third of people who get Social Security have to pay income taxes on their benefits.
your benefits. Although you are not required to have federal taxes withheld, you may find it easier than paying quarterly estimated tax payments. For more information, call the Internal Revenue Service’s toll-free telephone number, 1-800-829-3676, to ask for Publication 554, Tax Information For Older Americans, and Publication 915, Social Security Benefits And Equivalent Railroad Retirement Benefits. *On the 1040 tax return, your “combined income” is the sum of your adjusted gross income plus nontaxable interest plus one-half of your Social Security benefits.
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06-17-2008, 11:46 PM | #6 | |||
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Wise Elder
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Basically it means if you still choose to work or your spouse does, your SS can be taxed. When Jim was on disability and I worked I had to pay taxes on his SS if I made over a certain amount. If neither of you work, I think you'll be fine. But call SS to be sure.
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"Thanks for this!" says: | weegot5kiz (06-20-2008) |
06-18-2008, 06:20 AM | #7 | |||
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Grand Magnate
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Since we file jointly, DH's salary amount makes my income taxable, a certain percent. (which I don't know what, check with an accountant. IRS and/or SS.)
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06-18-2008, 09:13 AM | #8 | |||
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Wise Elder
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Is this amount the Gross Amount, or what you actually get in your Direct Deposit.
Let's say we each get $950 a month. Times 2, that equals $1900 a month (after they take out whatever they take out). So $1900 times 12 months equals.$22,800 a year. But if they use the BEFORE amount it's more. So I would presume they tax the Before Amount, and not the net amount, right? We don't get this amount, I'm just using this as a reference. We've never been taxed. But with the little bit of an increase that they give you in January of each year, the amount goes up. I gather that the guidelines for tax purposes will change as well. Alan wants to go back to work after his foot ulcer heals. (God Bless him, if he can do this). He used to work 3 days a week as a nighttime security guard. But if this little bit of income will put him in a bracket which will enable the government to take even more money out of his check, then who on earth wants to work for nothing. Holy Cow. He's going to ask his counselor (the guy who does the Ticket to Work Program) for the Social Security Administration. He'll give Alan all the guidelines. My goodness, you pay into Social Security all your life, and then they can even tax that??
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06-18-2008, 09:16 AM | #9 | |||
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Wise Elder
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Melody, have hubby ask the guy who works for SS. He'll know how much Alan can work to avoid being taxed. Good luck!
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06-18-2008, 09:33 AM | #10 | |||
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Wise Elder
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Sandy:
That's exactly what Alan plans to do. Thanks much. melody P.S. Alan just walked in and read what I printed out and he said "does this apply to people on Disability or just people who have retired? See two different kinds of people get social security. Disabled, and retired people. Does this tax thing apply to the Disabled (whether they work or not), or does this tax thing apply to only Retired people (whether they work or not)? God I sound stupid, but I just want to find a clear concise answer. Thanks much. We're going to call up Social Security and get this straight.
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. CONSUMER REPORTER SPROUT-LADY . Last edited by MelodyL; 06-18-2008 at 10:03 AM. |
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"Thanks for this!" says: | SandyC (06-18-2008) |
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