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Author Topic: The Social Security tax that taxes SS benefits!!  (Read 1761 times)

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Offline tooldtocare

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Re: The Social Security tax that taxes SS benefits!!
« Reply #35 on: Thu Nov 02, 2017 - 12:44:00 »
Toold's benefits come from my check.

As well as my own paycheck since I continue to work. When you start collecting SS benefits please remember this discussion

(:-

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Re: The Social Security tax that taxes SS benefits!!
« Reply #35 on: Thu Nov 02, 2017 - 12:44:00 »

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Re: The Social Security tax that taxes SS benefits!!
« Reply #36 on: Thu Nov 02, 2017 - 14:31:27 »
As well as my own paycheck since I continue to work. When you start collecting SS benefits please remember this discussion

(:-

I am hoping not to depend on that ponzi scheme.

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Re: The Social Security tax that taxes SS benefits!!
« Reply #36 on: Thu Nov 02, 2017 - 14:31:27 »

Offline Alan

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Re: The Social Security tax that taxes SS benefits!!
« Reply #37 on: Thu Nov 02, 2017 - 15:45:44 »
As far as I can see, SS benefits have been taxed since Amendment 83, under Reagan but I don't think it was his initiative.

Offline Jaime

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Re: The Social Security tax that taxes SS benefits!!
« Reply #38 on: Thu Nov 02, 2017 - 16:35:33 »
They are, it is just not double taxation.

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Re: The Social Security tax that taxes SS benefits!!
« Reply #38 on: Thu Nov 02, 2017 - 16:35:33 »

Offline tooldtocare

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Re: The Social Security tax that taxes SS benefits!!
« Reply #39 on: Sat Dec 02, 2017 - 10:46:35 »
Are you always this hateful?

No, but I was very surprised. It was a bill I was not expecting. I'm living on my SS benefits and then out of the blue I am told to send back $2,000 which I didn't have. I would rather they had taken out a portion of my benefits like auto pay which would give me less up front but no surprises on the back end.

just my opinion (:-

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Re: The Social Security tax that taxes SS benefits!!
« Reply #39 on: Sat Dec 02, 2017 - 10:46:35 »



Online Johnb

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Re: The Social Security tax that taxes SS benefits!!
« Reply #40 on: Sat Dec 02, 2017 - 18:42:35 »
Toold you need a better tax guy.  My income is lots more than that and I paid no where near 2K.  Only a portion of your SS is taxable when you go over a certain income level. If your only source of income is SS you should have no tax to pay.

Offline tooldtocare

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Re: The Social Security tax that taxes SS benefits!!
« Reply #41 on: Mon Jan 08, 2018 - 12:13:19 »
What is even worse than having my SS benefits taxed is having my tip to a waitress taxed as well. When I get my bill after having a great meal the amount I owe is noted at the end of the bill. If I then choose to “tip” the waitress it turns out that that tip is taxed as well. This is clearly WRONG!!

My “tip” was a gift not an obligation.
Taxing a “tip” is just wrong
 ::frustrated::

Offline tooldtocare

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Re: The Social Security tax that taxes SS benefits!!
« Reply #42 on: Mon Jan 08, 2018 - 12:20:52 »
Johnb,

The reason the tax was so high is because I filled for SS benefits when I turned 67. I could have filled when I was 65. When I did file for benefits the SSA sent me $14,000 which covered all the benefits I would have received if I had filled when I was 65. I was then taxed a lump sum covering the past up to present = $2,000

 ::tippinghat::
« Last Edit: Mon Jan 08, 2018 - 12:23:25 by tooldtocare »

Online Ginger Rella

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Re: The Social Security tax that taxes SS benefits!!
« Reply #43 on: Mon Jan 08, 2018 - 19:19:17 »
What is even worse than having my SS benefits taxed is having my tip to a waitress taxed as well. When I get my bill after having a great meal the amount I owe is noted at the end of the bill. If I then choose to “tip” the waitress it turns out that that tip is taxed as well. This is clearly WRONG!!

My “tip” was a gift not an obligation.
Taxing a “tip” is just wrong
 ::frustrated::

then make sure you always give your tips in cash.

Online Ginger Rella

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Re: The Social Security tax that taxes SS benefits!!
« Reply #44 on: Mon Jan 08, 2018 - 19:21:38 »
Johnb,

The reason the tax was so high is because I filled for SS benefits when I turned 67. I could have filled when I was 65. When I did file for benefits the SSA sent me $14,000 which covered all the benefits I would have received if I had filled when I was 65. I was then taxed a lump sum covering the past up to present = $2,000

 ::tippinghat::

Because of the amount of the lump sum....... That put you over the threshold of on taxable.

According to what the SS sent me this year, now you can make any amount and not have it affect SS.


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Re: The Social Security tax that taxes SS benefits!!
« Reply #45 on: Mon Jan 08, 2018 - 19:28:27 »
Because of the amount of the lump sum....... That put you over the threshold of on taxable.

According to what the SS sent me this year, now you can make any amount and not have it affect SS.

Only if you have reached full retirement age.  If you have not reached full retirement age, then you will still be taxed on non-SS income above a certain threshold.

Online Johnb

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Re: The Social Security tax that taxes SS benefits!!
« Reply #46 on: Tue Jan 09, 2018 - 07:40:49 »
Even if you have reached full retirement age and make enough money your SS will be taxed of amount over the thresh hold.   

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Re: The Social Security tax that taxes SS benefits!!
« Reply #47 on: Tue Jan 09, 2018 - 12:41:41 »
Even if you have reached full retirement age and make enough money your SS will be taxed of amount over the thresh hold.

This is from the statement S/S sent to me a couple of weeks ago....

I am including for possible clarity for some.

                                                                             IMPORTANT INFORMATION

What If I Work In 2018 
                                                                                                                                                                   
If you are at full retirement age ( now age 66) or older for all of 2018, you may keep all f your benefits no matter how much you earn.
If you are younger then retirement age at any time in 2018, there is a limit to how much you can earn before we reduce your benefits. Tell us right away if you expect to earn more than the limit, so we can pay you correctly. If we do withhold some of your benefits because you earn over the limit we will pay you a higher monthly benefit when you turn full retirement age.

•   The 2018 earnings limit for people under 66 all year is $17,040. We deduct $1 from your benefits in 2018 for each $2 you earn over $17, 040

•   The 2018 earnings limit for people turning 66 is $45,360. We deduct $1 from your benefits in 2018 for each $3 you earn over $45,360 until the month you turn age 66.

What if I worked in 2017? If you were under full retirement age in 2017 and worked, we paid benefits based on how much you would make. We will adjust your benefits necessary when your employer reports your earnings on your W-2 form. If your earnings on your 2017 W-2 form(s) include money you earned in another year, please contact us before April 15, 2018, to let us know

•   The 2017 earnings limit for people under age 66 all year was $16,920.

•   The 2017 earnings limit for people who turned age 66 in 2017 was $44,880