Welcome Guest. Register Now!  


Social Security Social Security benefits and tax issues


Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 06-02-2017, 03:41 PM
Junior Member
 
Join Date: Jun 2017
Posts: 2
Social Security Disability

Hello -
I begin receiving SS disability benefits in July 2017:

$2500 per month for me
$1200 per month for my two children ($600 each)

My wife's take home is roughly $85000.

How much of my disability will be taxed, if any?

Should I file jointly or individually?

Thank you
DB



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 06-03-2017, 12:50 PM
Junior Member
 
Join Date: May 2017
Posts: 13
Social security disability is potentialy partially taxable (just like regular social security is) if 1/2 of your social securty and your wife's salary is over a base amount. Type in an inter-net search engine social security tax formula.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #3 (permalink)  
Old 06-03-2017, 04:20 PM
Junior Member
 
Join Date: Jun 2017
Posts: 2
Thanks. So I will receive a check each month with no taxes deducted. And when I file my joint taxes (using the social security 1099) with my wife in January 2018, I will know how kick I owe. Correct?


Last edited by Dabhob33 : 06-03-2017 at 04:22 PM. Reason: Add more info


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #4 (permalink)  
Old 06-03-2017, 07:39 PM
Moderator
 
Join Date: Oct 2010
Posts: 4,835
How much of my disability will be taxed, if any?=========>it depends the amount of your provisional income that is AGI +50% o fyour social security disability benefits; aslongas the amt If you are married and you file jointly, and you and your spouse have between $32k ~$44K of provisional income as said above per year thern you need to report 50% of your SSD income to your gross income. If you have more than $44K then 85% o f your SSDB will be added to your gross iuncome If you are single, and you have between $25K~$34K of provisional income , then you need to include 50% of your SSDB on your gross income . if your icnoem as single exceeds $34k then 85you?re your SSDB will be added to yoru gross income So,How big a portion of your SSDI benefits are subject to tax depends on how high your income is.


Should I file jointly or individually?========>it is up to you;you need to check pros and cons in deciding your filing status; Separate returns could produce tax savings if one spouse has a lot of medical expenses and a low income. By filing separately, the partner with the doctor bills might be more likely to meet the 10% of AGI threshold needed to itemize medical costs. Taxpayers age 65 or older can still use the 7.5 %threshold through 2016. Only one spouse on a joint return must meet that age to get the lower deduction percentage. Many tax-cutting credits and deductions are forfeited when couples file separate 1040s. You can't take the earned income tax credit, claim adoption expenses or child and dependent care costs, use educational tax credits or even deduct the interest you paid on a student loan if you're married and filing separately. If you have children, you might find the child tax credit reduced because it phases out at different income limits for the various filing statuses. And the amount of capital gains losses you can deduct is cut in half.
The married filing separately rules are complicated further if you live in a community property state -- Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington or Wisconsin. In these places, state law determines whether your income can be considered as separate or community for tax purposes.
You should go ahead and figure your taxes as both joint and separate filers and use the method that produces the lower tax bill. But chances are, you'll find joint filing will be your best choice.plz contact an Enrolled Agent or a CPA doing tax es in your local area for more info in detail



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #5 (permalink)  
Old 11-17-2017, 11:13 PM
Member
 
Join Date: Jun 2016
Posts: 45

<a href="http://www.flymetrics.eu/newindex">tiffany ???</a>
mens tiffany rings
tiffany anniversary rings

tiffany ???
mens tiffany rings
<a href="http://www.flymetrics.eu/newindex">tiffany anniversary rings</a>

tiffany florida
tiffany gift



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Social security disability question Austino Estimated Taxes 1 07-27-2016 08:33 PM
Social Security owehmeyer Income 1 02-19-2015 08:58 PM
Social Security and Supplemental Security Income (SSI) Benefits related taxpros For 2013 0 11-27-2013 03:30 PM
Question regarding Social Security/disability to children after death. jayruss Social Security 1 10-23-2012 03:59 PM
social security? tifyya Social Security 2 12-08-2011 03:08 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning