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Fully Favorable decision - now what?

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Old 07-13-2009, 12:18 PM #1
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Originally Posted by Kathi49 View Post
Hoosier Daddy,

I just received my "Calculation" Letter (July 10th). And of course, I had to forward that to OPM since I have a pension. Oh, and I will receive my first payment on August 19th. But even so, OPM has to make some adjustments due to the WEP. But not as badly affected as I thought I might be. In any case, this pertains to federal employees.

Anyway, I know you all are speaking of SSI. But I wanted to throw this out there. Did you know that UP TO 85% of your backpay (SSDI) is taxable depending on your income? Found that out after talking to my tax preparer. Read IRS Publication 915 for more info. From what I gather most people who receive a LOT of backpay and have an income higher than $32,000 will spread the backpay over previous years tax returns back to your disability date. Ain't life grand? Anyway, as I said, that pertains to SSDI.

What is WEP and OPM???
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Old 07-13-2009, 12:41 PM #2
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Hoosier Daddy,

No, they do not...I asked that the other day. What most people do is to have it spread out (past returns) back to the date of your disability. So, in my case that is 4 years (from 2005 to present). Having said that you will also have to let SSA know how much you want withheld from your monthly check; 7, 10, 15 or 25%. They will send you the form or you can retrieve the form from the SSA website. I don't know of course, your financial situation but I would definitely talk with a tax preparer/CPA.

Abasaki,

OPM is Office of Personnel Management. WEP is Windfall Elimination Provision and applies to the folks who were under CSRS Offset. This is all in regards to federal employees...a whole different ballgame and language altogether.
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