Questions tagged [social-security]
For questions relating to the US Social Security system, e.g. payments, benefits, FICA taxes, etc.
249 questions
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British government overcharging social security?
HMRC defines employee national insurance (social security) contributions simplistically:
0% Up to £1,048 a month, then
8% to £4,189, and
2% thereafter
and verbosely:
From the Primary Threshold (PT) ...
- 11
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1
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97
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Risks of transfering a tax-advantaged education account to make someone eligible for SSI?
I have a cousin with three children. One of these children suffered an injury and is severely disabled, resulting in significant financial hardship for the family. Extended family who are better off ...
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2
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851
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are my ss benefits taxable income if my spouse continues working?
I can't get a straight answer on this as none of the calculators on line make a distinction between my salary and my spouses salary, my ss benefit vs spousal benefits, etc. My situation is this:
...
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1
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220
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Can I be eligible to receive retirement benefits if I started working at age 62?
I started working in January 2019 at age 62 and finished working in December 2028. Are 10 full years of work considered?
key information from the comments:
Request Late retirement monthly benefits in ...
3
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1
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100
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What determines the date for evaluation of GPO (Government Pension Offset), and is it a one-time evaluation?
My wife is a public school teacher in Colorado with a government pension that will be more than 75% of my social security benefit in today's dollars. (The relevant number being 75%, consisting of 1/(2/...
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2
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3k
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In the US, is the Social Security benefit negatively affected if you have one or a few low income years?
I think it is said that the benefits will be based on the top 35 yearly wages in our work history.
I am not sure if it is by "year" or by "quarter" (meaning 35 x 4 = 140 quarters), ...
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6
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1
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In the US, does the Social Security benefit calculator assumes you work until the retire age?
I was thinking that, from my ssa.gov webpage, it says if I retire at 62, my benefits will be about US$1800 each month, but if I retire at age 70, the benefits will be US$4000. (and will be adjusted to ...
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What is the effect of WEP and GPO if I worked as a teacher? [closed]
If person A chooses not to work (for pay that is, let's use the term "home maker" for this person "not working"), and is married to a significant wage earner, at retirement this ...
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1
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539
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Working while collecting Social Security: How do they correct overage?
I expect to get Social Security benefits starting soon, but I plan to keep working. I know that if I make more than a certain threshold, SSA will deduct a certain amount from my monthly benefits.
...
- 279
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1
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180
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FICA refund on H1B as a non-resident while performing work outside the US
My question is similar to the one here and concerns my 2022 US tax return: Federal income tax as nonresident alien working outside of USA remotely for US employer
For 2022, I filed as a non-resident (...
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4k
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Are there any "strategies" for Social Security besides the obvious decision as to when to take it?
I am of the age that I am constantly receiving mailings for local and web based retirement seminars, many touting "strategies" for withdrawing Social Security entitlements. This word, (in ...
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230
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Who will the Social Security Administration be mailing out a 1099 to for my deceased mother?
My mother died in June of 2023. She was collecting Social Security at the time. I am the executor of her estate. However, I have not officially notified the Social Security administration of that.
...
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1
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142
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Why do US Social Security benefit estimate increases vary so much from year to year?
Although not yet old enough to receive US Social Security benefits I do look at the SSA statements each year. In each statement they provide an estimate of how much I will receive if I choose to start ...
- 503
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1
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178
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Determining eligibility for Social Security, without my own records
Thanks in part to this site, I have a pretty good idea of what calculations the Social Security Administration will make (quarters of coverage and all that) when determining whether I'm eligible for ...
- 129
3
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1
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529
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Deferring Tax on Social Security payments
Recently, I went to a free seminar (sales pitch) on retirement income. The speaker claimed that he has a method where you can defer the income tax on your Social Security payments to age 85. However, ...
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If you are not eligible for social security by 70, can you continue to work to become eligible after 70?
If you start working in the US late in life and don't have 40 credits by the time you turn 70, can you still become eligible for social security if you continue working past 70?
Various sources say ...
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In the US, what if the wages exceeded the maximum amount of contribution to FICA, does it affect the 35 years highest wages rule?
In one sentence: if my wage if $350k per year vs $200k per year, does that affect what monthly social security benefit, because they maxed out the contribution in the same way.
I saw from ChatGPT and ...
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I don't want Social Security Benefits, how do I not pay it's taxes?
Very simple: I don't want any Social Security Benefits, I don't want the taxes or the benefits, and am aware of the risks. For 2023 the max taxable income for Social Security Tax is $160k and 12.4% of ...
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789
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For the US, how to calculate the Social Security benefits if I stop working at 60 or 62 but claim benefits at 70?
As related to this question and the calculator at ssa.gov, they tend to say: stop working at 62 and start claiming benefits at 62, or stop working at 70 and start claiming benefits at 70.
However, ...
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Do retirees need to pay social security and medicare after retirement?
Once you have retired, assuming you are only living off a government pension and 401k, 457 and IRA savings do you still have to pay social security taxes and medicare taxes?
I usually see these taxes ...
- 207
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0
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Is using IRA, Roth IRA, and 401k money between the age of 62 to 70 in general a better choice than claiming social security? [duplicate]
My thinking this: if I don't use IRA, Roth IRA, or 401k money between the age of 62 and 70, but just let it grow, then let's say, if it was $500k at age 62, then if I am lucky to get 10% return per ...
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Reporting taxes withheld from social security check on 1040. Do I need to attach SSA-1099? They only send one copy and it says do not return to irs
I have a question about reporting taxes withheld from my social security check. At present, I have 10% deducted for federal tax. Do I need to attach SSA-1099 to form 1040 like I do with 1099-R? They ...
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6
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Would it be in general a best practice to use other retirement fund and wait till 67 to get Social Security in the US?
Using the Social Security Calculator, I found the following:
If I work for 25 years at $200k per year (for simplicity), and wait till 62 to retire, my monthly benefit is $2200. ($2200 is today's ...
- 1,097
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4
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If I have worked 20, 25 years or every single year in the US, then at age 62 or 67, what social security can I get each month?
I will only have worked for about 20 years between the age of 23 and 62, and I checked the social security website, and it says:
Retire at age 62: monthly benefit is about $1860
Retire at age 67: ...
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6
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1
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802
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Underreporting expenses to get social security credits
My wife has a hobby that brings her some income and that's her only income. The money she gets from it usually is spent on buying more tools for that hobby or for materials. Most of the time those ...
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1
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2k
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Employer Side Social Security Overpayment
I had two W2s last year. I overpaid by about $2,000 because the second W2 didn't take into account the first W2. I am an employee with the first company and an employee + owner at the second company (...
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Attributing SSDI backpay to previous tax years
I was recently approved for SSDI and will be receiving 8 years of backpay. If I count it as income this year, it will create a larger tax bill. However, it is my understanding that it is possible to ...
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228
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Pay 50% on benefits from US Social Security?
I am not sure if it is like what it sounds, which is scary:
https://www.investopedia.com/ask/answers/013015/how-can-i-avoid-paying-taxes-my-social-security-income.asp
From $25,000 to $34,000: You may ...
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292
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As a US citizen, can I continue to receive my social security benefits while visiting Sweden for an extended period?
I'm planning to visit Sweden for around 80 days as a tourist (I'm a US citizen), and I would like to know what the rules regarding receiving social security benefits are when you are away from the US ...
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2
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111
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Social Security (USA) increase early?
I always thought that everyone's social security increase happened like mine, in January. And in fact, that has always happened also for my wife. Several web pages confirm that as the case, except ...
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Can I pay social security taxes if I don't work?
Let's say I want to retire at the age of 55, but don't want to have a 0 calculated in the average (social security payment calculation) for each year from 55-67. Can I continue to pay in to social ...
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2
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783
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Can F1 students in the US earn Social Security work credits?
Assume a typical F1 student in the US. No side gig, focusing on their PhD work, getting a stipend from their school and possibly doing summer internships using CPT. Can they earn Social Security work ...
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4
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1
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326
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US Social Security taxes while working for Canadian employer but living in third country
https://stackoverflow.blog/2021/02/19/podcast-314-how-do-digital-nomads-pay-their-taxes/ got me thinking, how would a United States citizen, living in Taiwan (which has no Social Security totalization ...
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3
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1k
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When the SSA decides how much you make for the year to determine whether you pay taxes on SS, does it count IRA contributions?
I'm over 62.5 years old and semi-retired. I have a part-time gig that pays about $23K per year. I'd like to pull the trigger on Social Security, but I make too much. (I have another small gig that ...
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1
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226
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Do you get any social security credits if you put 100% of your income in a 401(k)?
Scenario:
Your spouse is the primary earner
You had a 1099 side-job earning $15k
You put all $15k in a solo-401(k) plan
Would you earn any social security credits in this situation?
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3
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421
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Estimating Social Security for one or two years of additional work
I was looking at Social Security web site and they have option to find out how much will be retirement benefits will I get in two scenarios: Below are two scenarios and numbers(slightly modified).
If ...
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1
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2
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276
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German PhD Student doing a Paid internship in USA for 3 Months. How to handle the taxes?
I am doing my PhD in Germany and get paid by the university.
This autumn I am going to the USA (Massachusetts) for an internship at a software company.
For those 3 months my salary from the university ...
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1
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1k
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Received a Letter from SSN Administration and Very Confused
I received a Form SSA-L5114 and it says
"Based on information provided to us from Internal Revenue Service, we are reducing the amount of your self-employment income on your Social Security ...
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2
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0
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80
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The Social Security Special Earnings Limit Rule---How Long is the Cap on Hours Worked in One's Own Business Truly in Effect?
I am under the impression that retirees who are collecting Social Security benefits and start a business are capped in the number of hours they can work between 15 and 45 hours per month if they have ...
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103
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Are financial trusts or cryptocurrency investments exempt from the SSI maximum resource limit?
As a recipient of SSI, I am not permitted to exceed a maximum resource limit of $2000.
The SSA definition of "resources" is vague, but is basically liquid assets, including: bank accounts, ...
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2
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260
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Does the employer social security tax also apply on self-employment income for individuals with W2 income that exceeds the IRS maximum?
I have a question very similar to W2 and 1099 (self employed) income in same year: social security taxable income limit?, but goes a step further.
The goal of my question is to estimate how much ...
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1
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412
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How do I get the Social Security Administration to Issue a Corrected 1099?
When my father passed away the funeral home didn't notify the Social Security Administration. He received 2 direct deposits before we noticed. I had the bank send these back. We received a letter ...
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2
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5k
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Should I delay taking social security
Hopefully this is a simple question but I know with Social Security it isn't so simple sometimes.
If I delay taking Social Security until I'm 70, my benefit grows at 8% per year. But if I stop working,...
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16
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2
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8k
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How does the last few years of wages affect Social Security amount in the US?
I have heard that
our Social Security payment is largely dependent on our wages for the last few years we work
but I have also heard that if you earn more money, it is not going to make your Social ...
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2
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193
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Is it some sort of gambling when we take out our Social Security in the US?
I found that it could be like this:
If we take out our Social Security at the age of:
62 $2000 / month
70 $4000 / month
and I calculated that it is assuming we live to age 78, then the ...
- 1,097
4
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1
answer
196
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When does a self-employed tax payer have to make quarterly tax payment? (Safe harbor rule)
My question is about when does a self-employed tax payer have to make quarterly tax payments.
I understand that there is a safe harbor rule that says if you owed less than $1000 in taxes then you do ...
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4
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2
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207
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Correcting Social Security Administration's record of my income
I'm preparing for retirement and I created an account with the Social Security office. I checked my earnings record, and for four years in the late 80's, they show me earning $0. I was a graduate ...
- 429
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1
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108
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Is it beneficial to take U.S. Social Security money later? [duplicate]
I noticed if I take money out starting age 60, at $N, or if at age 70, at $M. $M is close to double the amount of $N.
Is it more advantageous if I take money out later? What life expectancy age do ...
- 1,097
1
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0
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277
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I´m not a USA citizen, I use to had permit to work in USA, can i request to SS money back? [duplicate]
I´m not a USA citizen, I use to have a permit to work in the USA, I paid $10,605 in Social Security, and $2,682 in Medicare taxes, can I request this money back?
5
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0
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98
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Social Security, expat, and small side business
I plan to retire soon. I am an American and I expect to get about half my retirement income from Social Security. I have not reached full retirement age. (I'll be 63.) I own a tiny side business that ...
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