SSDI and taxes

[JustDucky]

I am thinking it that the SS is 50% taxable at that point, they don't take half of it...just means that half will be taxed. It is true that after There is a work sheet that you can do to see exactly how much of your SS income will be taxed. If you are doing it electronically with programs such as Turbo Tax, H &R Block, they usually guide you through the various types of income and do the calculations for you (you enter the W2's and SS 1099 forms) As far as your kids, that income is not counted with yours. It is their money so to speak, you handle the money. Every year, you will get a form from SS asking what you did with the money and if any of it was put into a savings account for them and how much if you did. That money is not taxable, at least my kids' SS benefits never were because the amounts weren't high enough.
<br />Here is a link that may be helpful to you:
<br /><a target=_blank class=ftalternatingbarlinklarge href="http://www.irs.gov/newsroom/article/0,,id=179091,00.html
">http://www.irs.gov/newsroom/ar.../0,,id=179091,00.html
</a><br />
<br />Good luck
<br />Jenn

 

[LouLou]

They don't withhold money you will have to pay it at the end of the year. The rate at which you pay is based on your household income. Your daughters won't require taxation.

 

[LouLou]

They don't withhold money you will have to pay it at the end of the year. The rate at which you pay is based on your household income. Your daughters won't require taxation.

 

[LouLou]

They don't withhold money you will have to pay it at the end of the year. The rate at which you pay is based on your household income. Your daughters won't require taxation.

 

[Dea]

They do not take taxes out automatically...but you can call and have some withheld from each check..
Your daughter's check is not counted as income so you will not have to pay any taxes on it.
I have been getting SSDI since 2008 and my daughter gets a check off of me as well.

 

[Dea]

They do not take taxes out automatically...but you can call and have some withheld from each check..
Your daughter's check is not counted as income so you will not have to pay any taxes on it.
I have been getting SSDI since 2008 and my daughter gets a check off of me as well.

 

[Dea]

They do not take taxes out automatically...but you can call and have some withheld from each check..
<br />Your daughter's check is not counted as income so you will not have to pay any taxes on it.
<br />I have been getting SSDI since 2008 and my daughter gets a check off of me as well.

 

[julie]

Cf4life has the correct info. Depending on your income when you file taxes, different percentages of it will be taxed. Not that they will "take" 50 or 85% of it AS TAX, but they will ONLY TAX 50 or 85% of it. And then that % is subject to the tax rate for that year. So you are actually getting a BETTER deal with taxes on your SSDI than if you were working and making the same amount of money because they tax ALL of your adjusted gross income. Does that make more sense?

Also, if you are using turbotax, I know when we got 27 months of mark's back pay, there was a section that specifically asked if ANY portion of the SSDI was backpay (or maybe they said "retroactive" payment). When SSDI does your tax form for the year (1099), it will show you what you got paid for that current tax year, and what you go paid for backpay.

And as others have said, your childrens is NOT reportable.

 

[julie]

Cf4life has the correct info. Depending on your income when you file taxes, different percentages of it will be taxed. Not that they will "take" 50 or 85% of it AS TAX, but they will ONLY TAX 50 or 85% of it. And then that % is subject to the tax rate for that year. So you are actually getting a BETTER deal with taxes on your SSDI than if you were working and making the same amount of money because they tax ALL of your adjusted gross income. Does that make more sense?

Also, if you are using turbotax, I know when we got 27 months of mark's back pay, there was a section that specifically asked if ANY portion of the SSDI was backpay (or maybe they said "retroactive" payment). When SSDI does your tax form for the year (1099), it will show you what you got paid for that current tax year, and what you go paid for backpay.

And as others have said, your childrens is NOT reportable.

 

[julie]

Cf4life has the correct info. Depending on your income when you file taxes, different percentages of it will be taxed. Not that they will "take" 50 or 85% of it AS TAX, but they will ONLY TAX 50 or 85% of it. And then that % is subject to the tax rate for that year. So you are actually getting a BETTER deal with taxes on your SSDI than if you were working and making the same amount of money because they tax ALL of your adjusted gross income. Does that make more sense?
<br />
<br />Also, if you are using turbotax, I know when we got 27 months of mark's back pay, there was a section that specifically asked if ANY portion of the SSDI was backpay (or maybe they said "retroactive" payment). When SSDI does your tax form for the year (1099), it will show you what you got paid for that current tax year, and what you go paid for backpay.
<br />
<br />And as others have said, your childrens is NOT reportable.

 

[alluneedislove]

Thank you all so much for all the info. this is a relief to hear.

 

[alluneedislove]

Thank you all so much for all the info. this is a relief to hear.

 

[alluneedislove]

Thank you all so much for all the info. this is a relief to hear.

 

[julie]

<img src="i/expressions/face-icon-small-smile.gif" border="0"> Now you can just enjoy the check when it arrives.

Also, you can ask that they take a % or set amount out each month. Just know if you don't do that you might end up owing them money when you file (just like with a job).

 

[julie]

<img src="i/expressions/face-icon-small-smile.gif" border="0"> Now you can just enjoy the check when it arrives.

Also, you can ask that they take a % or set amount out each month. Just know if you don't do that you might end up owing them money when you file (just like with a job).

 

[julie]

<img src="i/expressions/face-icon-small-smile.gif" border="0"> Now you can just enjoy the check when it arrives.
<br />
<br />Also, you can ask that they take a % or set amount out each month. Just know if you don't do that you might end up owing them money when you file (just like with a job).