Social Security Disability and Taxes

K

krisjohn53223

New member
<P>I'm not really sure I am wording this correctly, but does anyone know how taxes work with social security? Do they automatically hold taxes or do we have to pay in at the end of the year or do they not tax on SSD benefits?? I just got approved, so I am trying to prepare for what's going to happen once tax time comes around next year. I would ask the SSA people, but I tried to ask them a different question today and almost got my head bit off! What a bunch of grumps working there!! Thanks for the input.</P>
<P> </P>
<P> </P>
 
K

krisjohn53223

New member
<P>I'm not really sure I am wording this correctly, but does anyone know how taxes work with social security? Do they automatically hold taxes or do we have to pay in at the end of the year or do they not tax on SSD benefits?? I just got approved, so I am trying to prepare for what's going to happen once tax time comes around next year. I would ask the SSA people, but I tried to ask them a different question today and almost got my head bit off! What a bunch of grumps working there!! Thanks for the input.</P>
<P></P>
<P></P>
 
K

krisjohn53223

New member
<P><BR>I'm not really sure I am wording this correctly, but does anyone know how taxes work with social security? Do they automatically hold taxes or do we have to pay in at the end of the year or do they not tax on SSD benefits?? I just got approved, so I am trying to prepare for what's going to happen once tax time comes around next year. I would ask the SSA people, but I tried to ask them a different question today and almost got my head bit off! What a bunch of grumps working there!! Thanks for the input.</P>
<P></P>
<P></P>
 
L

LouLou

New member
They do not withhold for you although I think Melissa got them to somehow. You will owe taxes on your portion but not your son's. You'll each get a 1099 at the end of the year from the SSA.
 
L

LouLou

New member
They do not withhold for you although I think Melissa got them to somehow. You will owe taxes on your portion but not your son's. You'll each get a 1099 at the end of the year from the SSA.
 
L

LouLou

New member
They do not withhold for you although I think Melissa got them to somehow. You will owe taxes on your portion but not your son's. You'll each get a 1099 at the end of the year from the SSA.
 
L

LouLou

New member
Do you file jointly with your spouse? It is the same % since it is based on household income. Likely somewhere around 25% I believe.
 
L

LouLou

New member
Do you file jointly with your spouse? It is the same % since it is based on household income. Likely somewhere around 25% I believe.
 
L

LouLou

New member
Do you file jointly with your spouse? It is the same % since it is based on household income. Likely somewhere around 25% I believe.
 
G

Giggles

New member
Yeah you will get a 1099 cause they do not withhold the taxes. Although, I am not sure what they do or not do if you are getting money for a child too. But yours they will send you at the end of the year what your total money was paid and then you have to pay taxes on that....<br>
 
G

Giggles

New member
Yeah you will get a 1099 cause they do not withhold the taxes. Although, I am not sure what they do or not do if you are getting money for a child too. But yours they will send you at the end of the year what your total money was paid and then you have to pay taxes on that....<br>
 
G

Giggles

New member
Yeah you will get a 1099 cause they do not withhold the taxes. Although, I am not sure what they do or not do if you are getting money for a child too. But yours they will send you at the end of the year what your total money was paid and then you have to pay taxes on that....<br>
 
A

amessofphotos

New member
From the social security website:

Do I have to pay income taxes on the benefits I receive?

You will have to pay federal taxes on your Social Security benefits if you file a federal tax return as an individual and your total income is more than $25,000. If you file a joint return, you will have to pay taxes if you and your spouse have a total income of more than $32,000.

Use the Internal Revenue Service (IRS) Notice 703 shown on the back of the Social Security Benefit Statement, SSA Form 1099, to determine if any of your benefits may be taxable.

Social Security has no authority to withhold state or local taxes from your benefit. Many states and local authorities do not tax Social Security benefits. However, you should contact your state or local taxing authority for more information.
 
A

amessofphotos

New member
From the social security website:

Do I have to pay income taxes on the benefits I receive?

You will have to pay federal taxes on your Social Security benefits if you file a federal tax return as an individual and your total income is more than $25,000. If you file a joint return, you will have to pay taxes if you and your spouse have a total income of more than $32,000.

Use the Internal Revenue Service (IRS) Notice 703 shown on the back of the Social Security Benefit Statement, SSA Form 1099, to determine if any of your benefits may be taxable.

Social Security has no authority to withhold state or local taxes from your benefit. Many states and local authorities do not tax Social Security benefits. However, you should contact your state or local taxing authority for more information.
 
A

amessofphotos

New member
From the social security website:
<br />
<br />Do I have to pay income taxes on the benefits I receive?
<br />
<br />You will have to pay federal taxes on your Social Security benefits if you file a federal tax return as an individual and your total income is more than $25,000. If you file a joint return, you will have to pay taxes if you and your spouse have a total income of more than $32,000.
<br />
<br />Use the Internal Revenue Service (IRS) Notice 703 shown on the back of the Social Security Benefit Statement, SSA Form 1099, to determine if any of your benefits may be taxable.
<br />
<br />Social Security has no authority to withhold state or local taxes from your benefit. Many states and local authorities do not tax Social Security benefits. However, you should contact your state or local taxing authority for more information.
 
P

PinkPigg

New member
You cannot have state & local withholding on your SSA benefit. However, many states do not tax disability income. As stated above the feds will tax your SSA benefit if income levels (including 1/2 of SSA benefits) are over a certain level. Withholding for federal tax CAN be deducted from you monthly payment. To do so see the instructions below from the SSA website. Peace, Steph (temporarily "retired" CPA) If you are already receiving benefits or if you want to change or stop your withholding, you'll need a form W-4V from the Internal Revenue Service (IRS). You can download the form <A href="<A HREF="http://www.irs.gov">http://www.irs.gov</A>"><A HREF="http://www.irs.gov">www.irs.gov</A></A> , or call the IRS toll-free number 1-800-829-3676 and ask for Form W-4V, Voluntary Withholding Request. (If you are deaf or hard of hearing, call the IRS TTY number, 1-800-829-4059.) When you complete the form, you will need to select the percentage of your monthly benefit amount you want withheld. You can have 7%, 10%, 15% or 25% of your monthly benefit withheld for taxes.
 
P

PinkPigg

New member
You cannot have state & local withholding on your SSA benefit. However, many states do not tax disability income. As stated above the feds will tax your SSA benefit if income levels (including 1/2 of SSA benefits) are over a certain level. Withholding for federal tax CAN be deducted from you monthly payment. To do so see the instructions below from the SSA website. Peace, Steph (temporarily "retired" CPA) If you are already receiving benefits or if you want to change or stop your withholding, you'll need a form W-4V from the Internal Revenue Service (IRS). You can download the form <A href="<A HREF="http://www.irs.gov">http://www.irs.gov</A>"><A HREF="http://www.irs.gov">www.irs.gov</A></A>, or call the IRS toll-free number 1-800-829-3676 and ask for Form W-4V, Voluntary Withholding Request. (If you are deaf or hard of hearing, call the IRS TTY number, 1-800-829-4059.) When you complete the form, you will need to select the percentage of your monthly benefit amount you want withheld. You can have 7%, 10%, 15% or 25% of your monthly benefit withheld for taxes.
 
You must log in or register to reply here.
Top