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When did Social Security retirement benefits become taxable?
Answer Sometimes Social Security benefits are taxable. It is dependent upon the amounts of any other income a person may receive. …Answer Survivior benefits are different than Regular or Disability payments, especially as the one receiving the money is frequently different than the child it is for. In general terms, 1/2 of it is taxable. Some additional bookkeeping needs to be done. The person who has the legal right to receive the benefits must determine whether the benefits are taxable. For example, if you and your child receive benefits, but the check for your child is made out in your name, you must use only your part of the benefits to see whether any benefits are taxable to you. One half of the part that belongs to your child must be added to your child's other income to see whether any of those benefits are taxable to the child.
You have to be someone that is at least 62.
In 1981 the National Commission on Social Security Reform (sometimes referred to as the Greenspan Commission after its Chairman) was appointed by Congress and President Reagan… to work on the financing crisis in Social Security. The result of their study included several amendments that were passed by Congress, signed by President Reagan and made into law in 1983. The specific rule applying to the taxation of Social Security benefits for the first time is copied below: If the taxpayer's combined income (total of adjusted gross income, interest on tax-exempt bonds, and 50% of Social Security benefits and Tier I Railroad Retirement Benefits) exceeds a threshold amount ($25,000 for an individual, $32,000 for a married couple filing a joint return, and zero for a married person filing separately), the amount of benefits subject to income tax is the lesser of 50% of benefits or 50% of the excess of the taxpayer's combined income over the threshold amount. The additional income tax revenues resulting from this provision are transferred to the trust funds from which the corresponding benefits were paid. Effective for taxable years beginning after 1983.
SS retirement benefits ARE taxable - SS disability benefits MAY be taxable depending upon circumstances. See the Related Link below.
Non-taxable means you don't have to pay tax on the benefits. The formula for calculating how much of your Social Security benefits are non-taxable is extremely convoluted an…d involves re-calculating your taxes and adding back in certain non-taxable payments like municipal bond interest and depends on your marital status and filing status. Anywhere from 15% to 100% of your Social Security benefits can be non-taxable. If you really want the details, refer to the worksheet on page 27 of the Form 1040 instructions: http://www.irs.gov/pub/irs-pdf/i1040.pdf
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.
taxes on employers and employees.
Social security benefits became taxable income in the year of 1984.
I was getting partial retirement benefit since 2010, but I did not get paid in 2011 from Sept 2011 to December 2011, they paid me 769. in the month of Jan 2012 after that they… I am getting any payment since Feb 2012 till Dec. 2012, I am suppose to get 935. per month, they said I owed 10,560. if you calculate 935. time 11 month total will be 10,285. it means I paid 10,285. if you add one more month the total will be 11,220.00 they should start to pay me Feb 2013 935. per month, but they said I owed more money, and they will start payment from July 2013 I am not agree with this unfair business,please help me to resolve this problem ASAP.
There are at least two important factors involved in increasing your Social Security benefits. The first is, earn as much money as you possibly can because the benefits you re…ceive at retirement are tied directly to how much you paid into the system during your working years. The second is, vote. Be aware that some politicians want to dismantle Social Security and reduce benefits because of the cost. Don't cast a vote for anyone who wants to eliminate important financial safety nets, and don't sit home on election day thinking your one vote doesn't count, because it does. It's also a good idea to learn as much as you can about saving and investing some of your take-home pay so that you're not entirely dependent on Social Security benefits when you retire.
You can receive social security benfits at the age of 65 or if you were born after 1959, 67. This is said to possibly increase with the increasing number of older individuals …in our country and the dwindling number of younger individuals putting money into social security.
If you file as single, none of your Social Security benefits are taxable if your combined income falls below $25,000. Half of your benefits may be taxable when your combined …income falls between $25,000 and $34,000. 85 percent of your benefits may be taxable when your combined income exceeds $34,000.
No. Social security benefits (as well as Tier 1 railroad retirement benefits) included in your federal adjusted gross income are exempt from state and local income taxes. See …Form IT-201, Resident Income Tax Return (long form) and IT-201-I,Instructions for Form T-201 Full-Year Resident Income Tax Returns for details.