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Social Security Social Security benefits and tax issues


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Old 08-14-2019, 12:16 PM
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SSDI tax and insurance confusion....

Hello Everyone,

I have a changing financial circumstance that has me confused. Very confused......

My wife works and her adjusted gross income was around $18k last year.

I have not worked in three years.

Our household income has been low enough that we have qualified for Medicaid.

This year we bought a $4000 house to fix up and use as a rental. We have spent close to $10,000 in repairs so far. I expect about $2100 in rental revenue in 2019.

To add to the confusion.... I was just approved for SSDI.

I expect to receive a lump sum of $24,000-$30,000 and monthly payments of around $1000.

I have been trying to educate myself as to the difference between Medicare and Medicaid. From what I can see so far, and considering my ongoing health issues, the switch to Medicare is going to be a financial burden.

If we switch to filing separately my income should make me eligible Medicaid but will my lump sum for back benefits affect my eligibility?

Can my wife keep all of the rental property expenses and income on her taxes?

I am still a little fuzzy on how to file/report the benefits for past years. Can you explain that to me?

My head is really spinning. Any additional advice or suggestions are most welcome.

Thanks

S.



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Old 08-15-2019, 11:35 AM
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Join Date: Oct 2010
Posts: 5,230
If we switch to filing separately my income should make me eligible Medicaid but will my lump sum for back benefits affect my eligibility? ======>>>>?
It depends; Disabled people who are approved for Social Security benefits will receive Medicare, and those who are approved for Supplemental Security Income will receive Medicaid. in most states, when you, as a disabled person , are approved for SSI, then you are also automatically approved for Medicaid benefits however, in the states of Illinois and Ohio, they may have a lower income or asset limit for the Medicaid program than the SSI program.so plz contact your state local Social Security office regarding their Medicare/Medicaid eligibility.


Can my wife keep all of the rental property expenses and income on her taxes? =====>>>it depends ; If you live in one of the community property states, you will be required to provide additional information regarding your spouse?s income
If the rental property is in both names and you file separately you can split the rental income and all expenses in half if a joint account is used to receive rents and pay expenses. You could also decide to choose who will claim the rental property on their return.
If an account owned by only one of you is used for the rental activity and/or the rental is only in one of her name, then, she per should claim the rental activity on her separate return.


I am still a little fuzzy on how to file/report the benefits for past years. Can you explain that to me? My head is really spinning. Any additional advice or suggestions are most welcome. ===>>as mentioned above



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