how does not reporting additional income to IRS effect monthly social security payments if over age 70?
928522
A 70 year old recipient of social security retirement benefits may have unlimited earned income without having a reduction in benefit payments. However, wages from work and investment income may make 1/2 of the social security subject to federal income taxes, if the combined amounts exceed designated limits, depending on your marital filing status.\n\naddition 11/28\nIf you have additional earned income and it is not reported to the IRS and the SSA, then you may lose out on credits that could boost your SS benefits.
536968
That is a more complicated question than you can imagine.\n\nIt depends on multiple factors. \n\n1. have you reached normal retirement age? If not, the amount you can earn is less than if you have.\n\n2. you do not loose all of you SSI, if you earn money. Only a percentage.\n\nTo make a long story short, if you have reached normal retirement age, your benefits will not be reduced. If you have not, then are are limits and your benefits are reduced above a limit of $12,480 in an amount of $1 for each $2 you earn above the minimum. \n\nBut!! There is also the question of income taxes to consider. You must pay income taxes on your SS benefit, if your income is above a certain amount. I believe the amount was $44,000 in 2005 for a married couple. That include income normally tax exempt. \n\nThat is the story as I understand it. The government has a habit of making the rules almost totally incomprehensible.
104448
Since he is on disability, you can only draw on his record if you have a child under the age of 16 AND if you do not earn over a certain amount per month.\n\nOnce you reach regular retirement age, you can draw regular social security based on whichever will give you a greater benefit, your's or his.
380569
No, it will not affect your social security benefit as the law is written now. Your SSA payment is dependent upon how much you earned. They are talking about taking it away or reducing it for people who earn more, but I don't think that would pass.
654823
This depends on when you are talking about.  If after retirement, you can set it up to be paid out in monthly installments, or in a lump sum, or some other arrangement.\n\nIf you are still working...it depends on your particular companies plan , and realize there will be tax penalties in addition to it counting as income.
98156
The maximum contribution is $4,000.\n\nIf you are 50 or older you can add another $500 "catch up" contribution.\n\nThe IRS has a good FAQ on the subject:\n\nhttp://www.irs.gov/faqs/faq17.html
1059641
If the problem is with the IRS, you should call the IRS ombudsman, whose number should be in the phone book under US Government - IRS.\n\nIf your only income is from SSDI, your distribution can only be assessed for taxes and only up to 15%.\n\nI don't see how any information from your previous employer is relevant to anything.
916695
Is this tax on ordinary income, or something specific, like a pension disbursal?  Age doesn't factor into ordinary income (it's a graduated scale, where you pay more if you earn more) but it can matter for certain pension/retirement payments.
27419
The Social Security office could help you with this question much more than the "public at large" can help you.  SS has strict guidlines about people who work after retiring, all according to the age of retirement.
866976
They should try and remember that number then try to file taxes on that number and see how far it gets you.  Many people work under a false social number and the only thing that happens is the money goes to the treasury where nobody can claim it because it does not match with the Social Security Administration.....
678972
Yes, AND since you say you are collecting SS benefits, you also have to report your earnings for which your benefits will be reduced.  It's through a certain age, things have gotten complicated since Congress has tried to "fix" SS.
281031
A portion of your SSI payments may be taxable.  Below is a link to the Form 1040 Instructions.  The Social Security Benefits Worksheet is on page 28.  If your income from the pension, any other income, and one-half of your SSI payments received (box 5 of 1099-SSA) all added together is more than $25,000, then a portion of your SSI is taxable.  If that same total is less than $25,000, then none of your SSI is taxable.\n\nHope this helps, and Good Luck.
152305
It is a formula based upon past earnings and years of work.  To recieve anything there is a minimum amount of work that has to have been performed first in terms of calendar quarters of work.  That number is pretty low I believe.  Social Security sends a notice each year of how much money that would be.
1083340
Social security has to do with your age, and ,or, a disability. If you're not old enough you won't get it. If you don't have a recognized disablity you won't get it. It's another govermental funding for those who are in need.
28285
If the person also gets SSA, one will increase but the other one will decrease to make up for the difference.  I know this sounds insane but that's how Social Security does it, they'll increase SSI and then turn around and decrease SSA, so you end up with no extra money, It sucks but it happens ALL the time.
798094
Social security permits a qualified individual to draw early retirement benefits at age 62. Money received from qualified retirement plans (like a 401(k) plan) or from unearned investment income do not affect social security benefits.  If you work and receive wages prior to your normal retirement age, then your benefits will be offset.\n\nEarly retirement benefits, from social security, are less than the amount that you would be eligible for if you worked until your normal retirement age. The reduction in benefit levels is permanent, meaning that they will not go up when you reach normal retirement age. However, they will be adjusted for inflation.
38741
None.  You're you allowed to exempt up to 250k of the gain from taxes, if you're filing single or seperately.  And 500k if you're married filing jointly.