Questions tagged [social-security]

For questions relating to the US Social Security system, e.g. payments, benefits, FICA taxes, etc.

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-4
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2answers
130 views

So what if I lose my SSN?

Let's say my social security number is "stolen", but I never need to take out new debt and don't use my credit score, have no intention of collecting social security as part of my retirement plan, and ...
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1answer
77 views

Claiming children without SSN as dependents for stimulus

My family and I live in Germany. I'm German and my wife is American (SSN holder), while our two children have dual citizenship, both have a CRBA but both don't have an SSN. Can my wife claim them as ...
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2answers
509 views

In the USA, do OASDI, Medicare, and Federal income taxes stack?

Or are they applied in sequence? (and if they are, what order are they applied in?) As an example, if an American individual makes $100,000.00 in wages in 2020, and that is their only income, are ...
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0answers
48 views

Switching from spousal benefit to my own and then back to spousal

I started collecting SS at 66 (my full retirement age), my wife started collecting SS (spousal benefit) at 66 (her full retirement age). If my wife switches to her own benefit at 70, and then I pass ...
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0answers
27 views

Stimulus dependents and SSI

My grandmother receives SSI but is also claimed as a dependent on my 2018 return. Is she eligible to receive the stimulus if i have not filed a 2019 return with her on it? Should i go ahead and file ...
5
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1answer
134 views

Help for 88 Year old Mom who claimed wrong social security

My Mom is 88 and Dad is 96... both living. I just found out that my Mom who only worked 1 job for a few months 66 years ago, was claiming her own paltry Social Security... rather than applying for ...
0
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1answer
59 views

Are funds in 403b accounts and Social Security secure in the event of a depression?

Are funds in 403b accounts in the event of a national depression, such as in the 1920s, secure, or are they lost? And since a depression involves the whole nation, Social Security will end, correct?
2
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3answers
380 views

Are Social Security payments threatened by the Coronavirus crisis?

I would like to know if it is likely that the United States government may have to reduce Social Security payments for the remainder of this year to help fund economic stimulus packages to help bail ...
2
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0answers
36 views

Social Security Spousal Benefit while Spouse is Working

For US Social Security, a person of Full Retirement Age (FRA) can claim spousal benefits to receive 50% of the FRA benefits of their spouse. Suppose person A is of FRA and has no income. Person B (...
2
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2answers
62 views

Is there a combined Social Security wage base limit for married/joint returns?

I know that the wage base limit for 2020 is $137,700, but that is for one person. Is there a different limit for married couples filing jointly (e.g. double the $137,700 = $265,400, or something else)...
4
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1answer
157 views

Is there any value to delaying Social Security benefits other than risk reduction for early-retirees?

I have hopes of retiring early, hopefully around 55-60, and am making contributions to my 401k and regular investment accounts accordingly. I plan to live off of growth of my savings, and not retire ...
7
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2answers
4k views

Tax and social security for low income

My friend works part time and made about $7000 in 2019. Some people have been telling them that she should file separately so she had record of taxes reported for herself and she would be able to ...
0
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1answer
31 views

Where can I report my Social Security retirement benefit from form SSA-1042S in the form 1040NR?

I started receiving my retirement benefits from SSA last October 2019 after 2 years of processing time. They paid me a large sum corresponding to all months (25) of back pay and I received also my ...
0
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1answer
110 views

How to get a uniform amount of money for each paycheck given the social security threshold?

Near the end of last year, my paycheck stopped including Social Security Tax, causing my net pay to increase. I just learned that there is an annual threshold for contributions to FICA/SS This caused ...
2
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3answers
406 views

What can I do when I get a call I think is a Social Security scam?

I received a phone call representing themselves as an SSI officer telling me that my disability payments will be canceled. They said I did fraud in Texas. I asked them what name they have; they could ...
2
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2answers
121 views

Can I be refunded excess social security tax if my total salary for the year between two jobs exceeds limit?

For 2020, I will have my income split between company A and company B. Between the two jobs, my income will exceed the limit of $137,700, but it will not exceed it for either specific job. With that ...
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2answers
319 views

Why do payday loan ask for social security number?

Is there any specific reasons why payday loan companies ask for social security number.
1
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1answer
50 views

Marginal cost/benefit of FICA contribution

How do I calculate the marginal lifetime cost and benefit of a FICA contribution? This calculation applies when determining how to structure a business, such as whether a single-member LLC should be ...
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2answers
61 views

Do post-retirement earnings affect the amount of the benefit?

Suppose Person A, who does not have a full 35 years of earnings, and was not a high earner, files for retirement benefits at age 62. The benefits will be rather small. What if Person A starts ...
1
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1answer
82 views

Are the low earning spouse's earnings basically irrelevant for Social Security retirement benefit purposes?

Spouse A is in their mid-sixties and was the lower earner by far. Spouse B is five years younger and had a very good salary, but only from the past twenty years. (The previous years' income was zero.) ...
3
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2answers
94 views

How to decide whether to start drawing Social Security first, or start drawing down from IRAs?

Spouse A is in their mid-sixties and was the lower earner by far. Spouse B is five years younger. They recently became unemployed. Is there a rule of thumb or some other method, that will help them ...
2
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1answer
109 views

What happens when the Medicare deductions on one's Social Security (SS) check are larger than the SS benefit?

This is probably going to happen to me in 2021. For 2020, my net monthly SS benefit will be $8.00 (eight dollars). A little more IRMAA (income related monthly adjustment amount, which is a surcharge ...
4
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2answers
144 views

Social security credits. Receive 40th credit in February

I’m 70 now and have 35 credits. My son is going to pay me $5500 from his business this month which I will pay into social security and receive 4 credits for 2019, giving me 39. In January of 2020 ...
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1answer
192 views

can I get any money back from US after deportation?

I was living in US for 16 years and had a green card and Social Security number. Most of my years there I was working and paying taxes. Got deported after serving 3 year sentence for drug offence. ...
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1answer
114 views

Traditional IRA Withdrawal Strategy

My father is retired (age 66) and makes $35K between his pension and Social Security. He also has a traditional IRA with $60K that he is not currently withdrawing from. My mother is currently working (...
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2answers
209 views

If I'm 25 and work 10 years to cover the 40 credits required to qualify for Social Security, will my payments be indexed to inflation when I retire?

If I'm 25 and work for the next 10 years to cover the 40 credits required to qualify for Social Security, will my payments be indexed to inflation when I retire?
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1answer
75 views

Would deflation further stress the Federal Government's Balance Sheet? Would this put in peril Debt payments and Social Security benefits?

I would like to know if deflation would represent a risk to Debt (bond) payments and Social Security benefits. To my understanding, Social Security is only indexed when there is positive inflation. ...
1
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1answer
149 views

Would like to understand why Social Security Administration (SSA) snafu happened

My bank resolved the following problem in less than two days, but I would like to understand why/how the problem happened. My husband died in mid-January, and several days later his Social Security ...
25
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6answers
19k views

Scam? Phone call from “Department of Social Security” asking me to call back

I have gotten two phone calls this week from a 210 area code. A clearly automated voice claimed to be an officer with the Department for Social Security. I was informed there are legal proceedings ...
2
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2answers
11k views

Is this claim fraudulent: “I Can't Believe This $16,728 Social Security Bonus Was So Easy”? [duplicate]

When I browse the Motley Fool Website, I see an advertisement that says "I Can't Believe This $16,728 Social Security Bonus Was So Easy", and it seems a fraud. Does any one on this forum have ...
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1answer
54 views

Elementary question about AGI and SS income

I know that 15% of my social security income is not taxed at the Federal level. But is that 15% a deduction or an adjustment? That is, is the 15% counted in AGI or not? I get gobbledegook when I ...
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0answers
870 views

Fed MED/EE, Fed OASDI/EE and CA OASDI/EE visa status F1 - OPT

When I worked as intern on CPT, my employer deducted the following taxes from my pay check: Fed MED/EE Fed OASDI/EE CA OASDI/EE My tax agent said I need to request them to get that back or fill a ...
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1answer
88 views

If I start earning again, does my USA SS income get reduced?

I have not shown any income for the past seven years, and receive about $900/month in Social Security. This year I will earn about $30,000. Will this affect my SS income, and if so by how much (...
2
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1answer
151 views

Risks and threats in signing empty SSA-89 form

A financial institution is asking to sign form SSA-89 which is used for verification of the social security number assigned a person. This verification is requested by a third party. The third party's ...
4
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3answers
340 views

Should I use Social Security survivors benefits in calculating the amount of life insurance needed?

I see a question How much life insurance do I need? , but I want to buy least amount of Life Insurance but still cover my kid and spouse up to an extend. We all get annual social security statements ...
2
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0answers
43 views

Is the Social Security death benefit of $255 reduced if the would-be recipient spouse's benefit is reduced by 2/3 of their civil service pension

If a person has a pension from a job in State, local or Federal government and the job was not covered by Social Security (SS), the benefit they can get from their spouse's Social Security is reduced ...
1
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1answer
88 views

Do I report gross income or the total after taxes when reporting earnings?

When reporting to the Social Security Administration do I report gross income or the total after tax deductions? I will be holding the amount for taxes until "tax season". I report monthly to the SSA ...
1
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0answers
58 views

How long does one need to work and pay taxes, to qualify for Social Security retirement ( USA)

I have looked on SS sites and other sites and saw no answer. Long ago I think "40 quarters" ( 10 years) of paying social security taxes were required before one could collect SS retirement if you were ...
1
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1answer
54 views

US permanent resident, AUS citizen federal retirement benefits

I have a relative who is an Australian citizen. They moved to the US at age 25, became a US permanent resident, worked and paid federal US taxes for ~30 years. At no point did they pay Australian ...
1
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2answers
172 views

social security benefits for green card holder in US

My relative is a permanent resident/green card holder in the US - not a citizen. The person worked and paid federal taxes in the US for ~30 years. (I don't quite understand why they didn't seek ...
4
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1answer
115 views

Social Security disability 10 year rule

I am 62 years old and have worked all my life. In 2007 I started teaching high school to give back to my community. Now I discover that since I have worked for a school district and made no Social ...
4
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1answer
124 views

Double dipping Medicare payments

I am 78 years old. I collect Social Security, and am on Medicare, and also work part time paying SS and Medicare premiums. Since Medicare is being deducted from my SS every month, can I get refunded ...
0
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1answer
65 views

Downside to W2 with base salary and allowance?

This is simply an example, so please bear with me. ExxonMobil (headquartered in TX) offers me a software development position as a W2 employee, with my total compensation being $5,000/month. They ...
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0answers
42 views

Home improvement loan for dependent support worksheet

My mom had to finance HVAC replacement in a condo we purchased together, but she is the permanent resident, as I live in another state. She receives SSD payments. For the dependency support worksheet,...
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1answer
196 views

Social Security Insolvency?

I was perusing the Analysis of the 2018 Social Security Trustees’ Report. This report claims "that the Social Security program faces a large and growing funding imbalance that must be addressed ...
5
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1answer
217 views

Are US citizens required to have a US bank account to receive Social Security while living abroad?

My daughter and I are US citizens and we reside in Moscow, RF. My former wife and the mother of my daughter died recently. She was a US citizen and was living in the USA. Due to her mother's loss, my ...
1
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2answers
201 views

Effect of Reportable Hobby Income on Social Security Benefits

I am basically early-retired and well under 62 years old, and I do make passive income from investments (probably not relevant to this question). I am considering doing something I like to do and ...
4
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1answer
226 views

SSI in USA: Will SSA demand repayment if recipient is sentenced to “time already served”?

Eve intends to plead guilty to a criminal charge.  Eve has a child Bob. Alice has guardianship of Bob and also management of Eve's income which includes Supplemental Security Income (SSI). SSI will ...
6
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1answer
242 views

Retirement after reaching 40 credits, non-us citizen

I am a green card holder and I have been working for a US company since January 2011. I am 52 years old and I plan to stop working when I reach 40 credits at the age of 55 in July of 2021. I do ...
1
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3answers
214 views

Social Security for surviving spouse

Let us assume both husband and wife are qualified to get Social Security benefits. One may be larger than the other. For example, husband is 61, and wife is 60. If husband dies suddenly, then what ...