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06-14-2010, 12:51 PM | #11 | |||
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Co-Administrator
Community Support Team
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I'd set a good amount aside in a separate account or a CD {as Janke suggested} just so you have it saved aside just in case you do have to pay something extra on your taxes.
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06-14-2010, 03:17 PM | #12 | |||
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Junior Member
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thanks everyone for your i am a big panicker just part of my many medical problems , we went to hr and they are figuring it for us prolly about 5000.,, so we will hold it until next year, we have no kids left to claim no real dections and have been paying the last few years , and we were audited and owe them 7000, we are working on now.. whew the great thing is at least noe i am approved and will have a monthly income , that i will set up to have them max 25 percent taken out from now on , once i get my aproval letter so far all i have recieved is the back pay
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06-15-2010, 09:34 PM | #13 | ||
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If you can afford the 25% that's what I would do. We do the same thing and get back a refund. Well at least last year we did.
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06-15-2010, 10:28 PM | #14 | |||
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you could call the IRS at the 1040 number(cant remember it right now and cant find it) but its 1-800-***-1040, they are great help with tax questions and you dont have to pay them to answer like you do a tax preparer.
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06-16-2010, 05:27 AM | #15 | ||
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If the combined household income is less than $30,000, you pay no taxes on it.
If you want money witheld for taxes, in case you go over $30,000, go to irs.gov and complete form W4V and send it to social security. I am not sure of what address you would sent it to in your area, so you can call and they will give you the address. Take care!!!!!!! |
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06-16-2010, 08:14 AM | #16 | ||
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Member
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You can also go online to have the taxes withheld. Btw, withholding 25% myself as well.
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08-10-2010, 02:20 PM | #17 | ||
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Junior Member
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If you are single, then the IRS will take 1/2 of your ssdi and add all your other income to that number. If it is less than $25,000 then none of your ssdi is taxable.
If it is more than $32,000 then 85% of your benefits are taxable. If between $25,000 and $32,000 then a worksheet will figure it out. If married and filing jointly, the numbers are $32,000 and $44,000. Any questions feel free to ask as I have IRS experience. Joe |
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08-12-2010, 11:38 AM | #18 | |||
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Quote:
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08-14-2010, 10:43 AM | #19 | ||
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Junior Member
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Sorry if that confused you. If you file jointly, then you will take 1/2 of your total Social Security payments for the year and add it to all your other income.
EX) SSDI $18,000 Pension $8,200 Wifes Wages $13,000 Bank Interest $200 1/2 of the Social Security is $9,000 and we add to that number, $21,400 ($8,200+$13,000+$200): Total would be $30,400 since that number is less than $32,000, then none of your SSDI is taxable on the 1040 and while you will put the $18,000 in the Social Security line, you would bring over $0 for the taxable amount. Same situation, but your wife makes $33,000: Now you have the $9,000 (1/2 of SSDI) and add $41,400 ($8,200+$33,000+$200). The total is $50,400 which is greater than $32,000 so we know that some of the SSDI will be taxable. The next limit is $44,000 (where 85% of the SSDI becomes taxeble)-the MAXIMUM. So you would put the $18,000 in the Social Security line of the 1040 like the first example, but instead of $0 taxable, you would put $15,300 as Taxable (85% of $18,000). Hope this helps. Joe |
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08-14-2010, 09:01 PM | #20 | ||
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New Member
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My husband won approval and the tax situation was a mess. They withheld 25% from the retro pay, but when we got the 1099 they indicated that they did not withold anything. We then got a corrected form in which they added in the attorey fee which made the tax situation worse. Six months later we got ANOTHER corrected 1099 in which they showed that they had taken out the 25%. It took them three attempsts, but they finally got it right. It was impossible to get anyone to understand what they had done; Extremely frustrating. Our accountant could not even get a straight answer from them. Thankfuly it finally worked itself out.
Good Luck! |
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