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Social Security Benefits and tax
Old 02-08-2019, 07:17 PM
 
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I have been on SS for only about half of last year, so forgive me for being dumb about this. I am about to do my income tax and am trying to figure out if SS benefits need to be declared as income, therefore being taxable. I did work for half of 2018, so I know that that salary will be taxed as income, but do I add the SS money that I received in with that amount? I lived in Tennessee when I worked, so there will be no state tax on that, but I moved to Illinois when I retired. I know that this sounds rather convoluted, but maybe someone can help me!


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SS tax
Old 02-08-2019, 07:25 PM
 
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Yes, ss is taxable. Different states may have exemptions though. My state no longer charges tax on SS and the first $25,000 on pensions. Attempting to keep retirees from fleeing! Check with your state tax laws.
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Old 02-08-2019, 08:08 PM
 
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You should have received a form from the SSA with your info on it. You will enter that into your tax software just like a W2 and it will calculate it for you depending on your total income.
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Old 02-09-2019, 04:09 AM
 
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It is taxed by the Federal government and you should request to have taxes withheld or make quarterly estimated payments. (You know the only two certain things in life are death and taxes...)
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Old 02-09-2019, 04:13 AM
 
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If you are talking about your federal income tax:

1. Fill in your 1040 through line 4b.
2. Fill in the total amount of SS you got on line 5a.
3. Then fill in the “Social Security Benefits Worksheet” which is found in the 1040 directions booklet. This will help you determine what part of your SS is taxable.
4. That amount you get after doing the worksheet will go on line 5b to be added as taxable income.

If you are talking about your state taxes, hopefully you can get help from someone else.


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Old 02-09-2019, 08:14 AM
 
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Quote:
...salary will be taxed as income, but do I add the SS money that I received in with that amount?
It seems like you need to know where to report it, not if you report it. No, it is not salary or wages. Follow Zipline’s explanation.
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Old 02-09-2019, 10:03 AM
 
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Does anyone actually fill in the paper 1040 form any more? I canít imagine. If you are using Turbo Tax or similar software, it will prompt you to enter it. If using an accountant, I sincerely hope they would know how to do this. The SSA sends you a form with all the info you need, and all you have to do is enter it when prompted.
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Old 02-09-2019, 12:31 PM
 
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Yes, annie_g, there are people who still do their taxes on a paper 1040! Iím one. I do it that way because I have always enjoyed the task while sitting at the dining room table with a cup of coffee. Iím very computer literate (ran a computer lab for a few years) but I really enjoy doing somethings ďthe old fashioned way.Ē Taxes is one. Reconciling our check register to our bank statement is another. I like working with numbers that way and have no plans to change.
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Old 02-09-2019, 02:37 PM
 
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Zipline, thatís cool! To be honest, even though Iím good with numbers and accounting, I love doing all that stuff on the computer! But itís great that we have choices. I bet there will be a day when the IRS will only accept electronic returns because thatís basically doing their work for them.
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Old 02-09-2019, 06:18 PM
 
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Oh, annie_g! In my world the computer is no match for figuring and forms against a Mirador Black Warrior Pencil or a Uniball Signo Gel Pen!


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Old 02-09-2019, 07:34 PM
 
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Zipline! I still do my taxes the old fashioned paper way. And Uniball Signos rock!
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Old 02-09-2019, 09:46 PM
 
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Illinois is one of the states that does not tax Social Security.

https://www2.illinois.gov/rev/questi.../pages/99.aspx
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Old 02-10-2019, 07:32 AM
 
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Thanks for all of your replies and information. I am going on Thursday to have my taxes done by someone who hopefully will be more knowledgeable than I am! I just wanted to have some idea of what to expect.
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Old 02-12-2019, 11:01 AM
 
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For the 2018 tax year, single filers with a combined income of $25,000 to $34,000 must pay income taxes on up to 50% of their Social Security benefits. If your combined income was more than $34,000, you will pay taxes on up to 85% of your Social Security benefits.Feb 1, 2019. Check out this link.

https://smartasset.com/retirement/is...income-taxable
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Old 02-12-2019, 03:55 PM
 
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Thanks for that info!
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Social Security and Your Teacher Pension
Old 03-04-2019, 06:34 PM
 
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Hi All,
I know you're talking about filing your taxes and Social Security, but on a slightly different note, did you know you're only getting 1/3 of the social security you paid into and deserve? The unfair laws called: Government Pension Offset (GPO) and Windfall Elimination Provision (WEP) are responsible. But WE CAN FIGHT IT by signing a petition written by the National Education Association which is online, ready to be signed by as many as possible before the deadline. This petition will go to the Ways and Means committee of the US Congress.

Please help us fight it, by going to:
edadvocacy.nea.org and click on "Take Action" in the top bar

Then scroll down to "Retirement Security" and find underneath that title: "Cosponsor and Support the Social Security Fairness Act of 2019 (HR141). Fill out the form with your info and you'll see the letter already written by the NEA. Hit "Submit" and if the window doesn't change, hit Submit again. Wouldn't you love to get hundreds more each month, depending in how much you (or your husband if you're divorced and chose his instead of yours) paid in? I really need that money and most of you probably do too.

Last edited by ljp8538; 03-04-2019 at 06:42 PM.. Reason: put in hope instead of know
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Doing Taxes
Old 03-04-2019, 06:40 PM
 
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Have you tried Turbo Tax? It walks you through every possible option to help you fill out your own, unless you have a really complicated one, but then you could do the deluxe which is still MUCH cheaper than hiring someone to do them.
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Old 03-07-2019, 01:28 PM
 
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"In the beginning, Social Security didnít cover any public sector employees. However, over the years, many states dropped their own pension plans and adopted coverage agreements with the Social Security Administration. Today there are still 15 states that participate solely in their own pension plans instead of Social Security."
Those states are:
Alaska
California
Colorado
Connecticut
Georgia (some school districts)
Illinois
Kentucky (some school districts)
Louisiana
Maine
Massachusetts
Missouri
Nevada
Ohio
Rhode Island (some school districts)
Texas

So, not all teachers have been affected by the Government Pension Offset (GPO) and Windfall Elimination Provision (WEP) laws. These laws prevent "double-dipping" by reducing (or eliminating) benefits for those who worked in a job in which they qualified for a pension and did not pay Social Security taxes. https://socialsecurityintelligence.c...cial-security/
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