RE: taxable social security

[Guest guest]

-----Original

Message-----

i received a posting saying that social

security was not taxable, but today i received my

yearly statement and if you turn it over and read

it, there are certain instances when you have to pay taxes. read

under number five on the reverse of the statement. i am liable for taxes on

my social security so i guess i

am also able to get the tax back if it passes.

The conversation was

about Social Security Disability, not

Social Security. There is a big

difference between the two.

[Guest guest]

sorry i didn't specify what the social security is. mine is social security disability income. i think if you earn more than $24,000 in social security 1/2 of it is taxable. just wanted to make sure everyone checks this detail out.

pamWho's never won? Biggest Grammy Award surprises of all time on AOL Music.

[Guest guest]

Let me chime in on this one, since I do this stuff for a living.

(This does not constitute written tax advice and may not be used for

the purpose of avoiding any fines or penalties which may be assessed.)

Taxability of social security benefits is a function of your total income.

Start with half of your total social security benefits. To that, add

your taxable wages, pensions, interest, dividends, and other taxable

income. Then, add your nontaxable interest income, Compare the sum

to a base amount of $25,000 if single, $32,000 married filing jointly.

If your calculated income is more than the base amount, your benefits

are taxable.

Any professional tax advisor can provide additional details.

Tom

PSC 1999

Crohns 2005

>

> i received a posting saying that social security was not taxable, but

> today i received my yearly statement and if you turn it over and read

> it, there are certain instances when you have to pay taxes. read under

> number five on the reverse of the statement. i am liable for taxes on

> my social security so i guess i am also able to get the tax back if it

> passes.

>

> pam

>

[Guest guest]

By the way, there is no distinction between social security disability

and other social security benefits in terms of the taxability

calculation. Benefits are benefits.

If taxable, depending on your situation, 50-85% of the benefits will

be taxable as ordinary income.

Tom

> >

> > i received a posting saying that social security was not taxable,

but

> > today i received my yearly statement and if you turn it over and read

> > it, there are certain instances when you have to pay taxes. read

under

> > number five on the reverse of the statement. i am liable for

taxes on

> > my social security so i guess i am also able to get the tax back

if it

> > passes.

> >

> > pam

> >

>

[Guest guest]

tom-

thanks for clarifying that about social security benefits. i was gonna forego the accountant this year and try turbo tax or a computer program, but wasn't sure about the taxable aspect of the social security benefits. do you know if there is a way i can get my social security taxed throughout the year so i won't end up owing money at the end of the year? i have a pretty decent disability income from my company, plus the ssi, so i end up going over the minimum and then i am short on the amount of taxes that i have paid. i don't need that headache. thanks so very much for sharing your expertise and taking your time to help us. i appreciate it.

pam dx 2001Who's never won? Biggest Grammy Award surprises of all time on AOL Music.

[Guest guest]

Hi Pam--

Fill out Form W-4V to set up federal withholding on Social Security

benefits. You can choose withholding at 7%, 10%, 15%, or 25% of your

total benefit payment. The form gets filed with the Social Security

Administration.

Alternatively, you can make quarterly estimated tax payments, but that

might be a bit of a pain, since you need to take action to make those

payments every couple months.

Tom

>

> tom-

> thanks for clarifying that about social security benefits. i was

gonna

> forego the accountant this year and try turbo tax or a computer

program, but

> wasn't sure about the taxable aspect of the social security

benefits. do you

> know if there is a way i can get my social security taxed throughout

the year so

> i won't end up owing money at the end of the year? i have a pretty

decent

> disability income from my company, plus the ssi, so i end up going

over the

> minimum and then i am short on the amount of taxes that i have paid.

i don't

> need that headache. thanks so very much for sharing your expertise

and taking

> your time to help us. i appreciate it.

>

> pam dx 2001

>

>

>

> **************Biggest Grammy Award surprises of all time on AOL

Music.

>

(http://music.aol.com/grammys/pictures/never-won-a-grammy?NCID=aolcmp00300000002\

5

> 48)

>

[Guest guest]

Hi , this is great info. What about SSI we collect for our ten yr old son. My tax accountant said we do not have to worry about it because it is in his name???

Any clues? It is a small amount but still it is good to be prepared....

At Your Service,

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Customer Care Manager

Apple Vacations

101 Northwest Point Blvd.

Elk Grove Village, IL 60007

sgedgaud@...

" Tom "

" Tom "

Sent by:

02/05/2008 12:41 PM

Please respond to

To

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Subject

Re: taxable social security

Hi Pam--

Fill out Form W-4V to set up federal withholding on Social Security

benefits. You can choose withholding at 7%, 10%, 15%, or 25% of your

total benefit payment. The form gets filed with the Social Security

Administration.

Alternatively, you can make quarterly estimated tax payments, but that

might be a bit of a pain, since you need to take action to make those

payments every couple months.

Tom

>

> tom-

> thanks for clarifying that about social security benefits. i was

gonna

> forego the accountant this year and try turbo tax or a computer

program, but

> wasn't sure about the taxable aspect of the social security

benefits. do you

> know if there is a way i can get my social security taxed throughout

the year so

> i won't end up owing money at the end of the year? i have a pretty

decent

> disability income from my company, plus the ssi, so i end up going

over the

> minimum and then i am short on the amount of taxes that i have paid.

i don't

> need that headache. thanks so very much for sharing your expertise

and taking

> your time to help us. i appreciate it.

>

> pam dx 2001

>

>

>

> **************Biggest Grammy Award surprises of all time on AOL

Music.

>

(http://music.aol.com/grammys/pictures/never-won-a-grammy?NCID=aolcmp003000000025

> 48)

>

[Guest guest]

You have a smart accountant, because he agrees with me. (Tongue

firmly planted in cheek.)

Don't sweat the SSI payments on the kid...unless he has a ton of other

income, there is no tax liability for him.

Tom

> >

> > tom-

> > thanks for clarifying that about social security benefits. i was

> gonna

> > forego the accountant this year and try turbo tax or a computer

> program, but

> > wasn't sure about the taxable aspect of the social security

> benefits. do you

> > know if there is a way i can get my social security taxed

throughout

> the year so

> > i won't end up owing money at the end of the year? i have a

pretty

> decent

> > disability income from my company, plus the ssi, so i end up

going

> over the

> > minimum and then i am short on the amount of taxes that i have

paid.

> i don't

> > need that headache. thanks so very much for sharing your

expertise

> and taking

> > your time to help us. i appreciate it.

> >

> > pam dx 2001

> >

> >

> >

> > **************Biggest Grammy Award surprises of all time on AOL

> Music.

> >

>

(http://music.aol.com/grammys/pictures/never-won-a-grammy?NCID=aolcmp00300000002\

5

> > 48)

> >

>

[Guest guest]

..dear tom;

thanks for being my accounting angel. you also answered another

question for someone that i had not considered. my son gets $700 per

month in his name for my disability and i didn't file any taxes for him

at all. he has investments, but the returns on them are so minimal

that i haven't even considered the fact that he needs to file. whew.

see how great this site is. we get all kinds of support, not only

medical help. if you ever need advice on sewing or scrapbooking i can

help you out :-)

psc pam dx 2001

[Guest guest]

Pam--

The only caveat here would be this: If your son has more than $1,700

of investment income, the kiddie tax rules will kick in, and the

income will need to be reported on a tax return for him.

Tom

>

> .dear tom;

>

> thanks for being my accounting angel. you also answered another

> question for someone that i had not considered. my son gets $700 per

> month in his name for my disability and i didn't file any taxes for him

> at all. he has investments, but the returns on them are so minimal

> that i haven't even considered the fact that he needs to file. whew.

> see how great this site is. we get all kinds of support, not only

> medical help. if you ever need advice on sewing or scrapbooking i can

> help you out :-)

>

> psc pam dx 2001

>