What would you like to do?
What is the vehicle amount you are allowed to have while on social security benefits?
No. What counts is what you earned, and that does not include government benefit programs, which is what unemployment compensation is. See Related Link below.
Yes. If you qualify for unemployment benefits in your state, you can also collect Social Security benefits as they are 2 separate and distinct programs that do not interfere w…ith each other.
You not only can get unemployment benefits while on Social Security (provided you qualify for each separately) but you can receive SS even while you are working, under certain… conditions. Yes, you can receive both unemployment and Social Security at the same time, as long as you have qualified for both of them.
Yes, if you own a private Disability insurance policy, the guidelines and benefits are accounted for separately from Social Security benefits. A person can be eligible to rece…ive both benefits. A private Disability policy can have two types of benefits: Base and Social Insurance benefit. Base benefits are payable regardless of Social Security benefits. Social Insurance benefits will offset dollar-for-dollar with any Social Security benefits you are eligible for. You can revert to your original Disability insurance policy, or policy summary to determine whether you have base or Social insurance benefits. You can also contact the insurance company your policy was written through to confirm this information.
Yes, and in any other investment, since SSDI is simply accelerated Social Security Benefits you would be entitled to due to your work history and the fact you paid taxes durin…g your working career. The SS administration simply estimates what a disabled person would get at full retirement age had they not been disabled and pays the benefit to the disabled person when they qualify as disabled. So, the money is up to the recipient to do with as they please and has nothing to do with checking accounts or savings account or any other assets. SSI benefits, confused with SSDI, is "needs based" and IS affected by a low-income persons assets.
From 50% to 85% of your SSB can become taxable income at your marginal tax rate when you have other sources of worldwide income and tax exempt interest and dividends that have… to reported on your 1040 income tax return for this purpose. Go to the IRS gov website and use the search box for IRS Publication 915, Social Security and Equivalent Railroad Retirement Benefits. Publication 915 is available on the IRS Web site. If you received income from other sources, your benefits will not be taxed unless your modified adjusted gross income is more than the base amount for your filing status. For a single taxpayer the base amount (cap) is $25,000; for couples, the cap is $34,000. Your taxable benefits and modified adjusted gross income are figured on a worksheet in the Form 1040A or Form 1040 Instruction booklet. You can do the following quick computation to determine whether some of your benefits may be taxable: First, add one-half of the total Social Security benefits you received to all your other income, including any tax exempt interest and other exclusions from income. Then, compare this total to the base amount for your filing status, if the total is more than your base amount, then some of your benefits may be taxable. From 50% to 85% of your SSB can become taxable income on your 1040 income tax return and would be added to all of your other gross income and taxed at your marginal tax rate.
The Annual Earnings Test for 2011 hasn't been released yet, but budget projections indicate there may be no change from 2010. For the 2010 tax year, the answer depends on your… age and whether you're drawing Social Security benefits for retirement or disability. Retirement If you've reached full retirement age (65 for people born prior to 1943; 66 for people born between 1943 and 1954), there is no limit to how much you can earn. In the year you reach full retirement age, you can earn $37,680 annually, but for every $3.00 over the limit, $1.00 is withheld from your benefits until the month your reach full retirement age. If you are under full retirement age, you can earn $14,160 per year without incurring a penalty. For every $2.00 over the limit, $1.00 is withheld from benefits. Disability People on disability can earn up to $1,000 per month ($12,000 per year) for most disabilities, or $1,640 per month ($19,680 per year) for anyone legally blind. Earning more than these limits would be considered engaging in Substantial Gainful Activity (SGA), would trigger a continuing disability review, and likely result in an end to the person's disability status with Social Security. If a disabled person attempts to return to work, SSDI allows a nine-month, non-consecutive trial work period during which there is no income limit, and no penalty for "excessive" earnings. Any month a disabled person earns more than $720.00 is counted toward the nine-month trial work period, however.
Yes. It has been found, however, that for some reason some states (Virginia, for example ) reduce the amount of your unemployment compensation by the amount of your SS, which …they should not because they are 2 separate and distinct programs that have no bearing on the purpose of each other. You should check with your own state for its handling of the matter.
After "full retirement" age (currently 66 for people reaching retirement this year) there is no limit. I am 67 and still earning in the six figure range and get full social se…curity. People taking retirement at 62 can earn up to $14,640 without any reduction in their benefits; for income over that limit, benefits are reduced by $0.50 for every $1.00 earned. The ammount you lose is reduced on a sliding basis until at full retirement age there is no reduction.
For the year 2010, if you did not reach your full retirement age, they will deduct $1 from your benefit for every $2 earned over $14,160. If you reach full retirement in 2010,… they will deduct $1 for every $3 earned over $37,680 (earned by the month before your birthday). After your full retirement birthday, you can earn an unlimited amount any time after your birthday. See the Related Link below for full details.
Generally, you cannot get widow's or widower's benefits if you remarry before age 60. But remarriage after age 60 (or age 50 if you are disabled) will not prevent you from get…ting benefit payments based on your former spouse's work record. And at age 62 or older, you may get benefits based on your new spouse's work, if those benefits would be higher.
If income is earned in the year of full retirement age, the 2008 income threshold is $36,120. If income is earned prior to the year of full retirement age, the 2008 inco…me threshold is $13,560. After those thresholds are reached, social security benefits are reduced. The excess earnings reduction is $1 of Social Security benefits for every $2 of earnings over the lower threshold for people who are not yet in the year they reach full retirement age. In the year a person reaches full retirement age, the excess earnings reduction is $1 of Social Security benefits for every $3 of earnings over the higher threshold. During the month of reaching full retirement age and thereafter, beneficiaries can earn an unlimited amount without a reduction in their Social Security benefits.