It's been brought up before here about SS payments and whether they are taxable. I just completed our 2015 fed and state taxes and our SS payments are not taxed by either.
However, and I didn't know this, I've also learned that some states actually stoop to taxing SS payments - that is sad and cold to their retired residents.
If you are taxed on SS you have my sympathy... I'm sorry.
lev29
Loc: Born and living in MA.
jimmya wrote:
It's been brought up before here about SS payments and whether they are taxable. I just completed our 2015 fed and state taxes and our SS payments are not taxed by either. However ... I've also learned that some states actually stoop to taxing SS payments ...
I heard some elderly women in New Orleans around 1995 lamenting that their Social Security benefits had recently become taxable; I just assumed they were referring to a Federal tax, not a LA tax. But w/o doing an Internet Search, I don't know know the truth. Thank you for posting this Topic, jimmya. I'm going to do my own Internet search regarding a different state and a specific category of SS Benefits.
lev29 wrote:
I heard some elderly women in New Orleans around 1995 lamenting that their Social Security benefits had recently become taxable; I just assumed they were referring to a Federal tax, not a LA tax. But w/o doing an Internet Search, I don't know know the truth. Thank you for posting this Topic, jimmya. I'm going to do my own Internet search regarding a different state and a specific category of SS Benefits.
Live in Florida and we have no state income tax. Over $100 month is taken from my SS for Federal income tax, medicare(cade?) and FICA.
jimmya wrote:
It's been brought up before here about SS payments and whether they are taxable. I just completed our 2015 fed and state taxes and our SS payments are not taxed by either.
However, and I didn't know this, I've also learned that some states actually stoop to taxing SS payments - that is sad and cold to their retired residents.
If you are taxed on SS you have my sympathy... I'm sorry.
For Federal taxes, it depends on several factors.... some SS may be taxable, for state, it depends on the state.... some do not tax SS, some tax a portion of it.... easy enough to find out by a few quick searches on the internet.
Here is the PDF from the IRS, good luck ;)
http://www.irs.gov/pub/irs-pdf/p915.pdf
lev29 wrote:
I heard some elderly women in New Orleans around 1995 lamenting that their Social Security benefits had recently become taxable; I just assumed they were referring to a Federal tax, not a LA tax. But w/o doing an Internet Search, I don't know know the truth. Thank you for posting this Topic, jimmya. I'm going to do my own Internet search regarding a different state and a specific category of SS Benefits.
A couple of members and I went round and round a few months ago on this subject. They were saying their SS was taxable income and I'd never heard of this until this year about some states levying a tax. That, to me, is cruel and unusual punishment for being retired.
larrywilk wrote:
Live in Florida and we have no state income tax. Over $100 month is taken from my SS for Federal income tax, medicare(cade?) and FICA.
You shouldn't have a FICA tax because you've been paying into that all your working life - that's where SS comes from I'm sure you know.
The $100 sounds like my wife's plan on Cigna insurance to pay their premium. I don't pay that because I'm VA.
Dngallagher wrote:
For Federal taxes, it depends on several factors.... some SS may be taxable, for state, it depends on the state.... some do not tax SS, some tax a portion of it.... easy enough to find out by a few quick searches on the internet.
Here is the PDF from the IRS, good luck ;)
http://www.irs.gov/pub/irs-pdf/p915.pdfI, as my avatar shows, live in Arizona and there is a state tax but on SS I own them nothing. In fact, they give most of us retired folks a $50 refund with no income tax taken at all. The feds don't tax us either. Being over full retirement age we can even earn extra money and our SS won't be taxed. Of course that income will be.
This is interesting. My wife has an annuity and at her age is now required to draw from it. She was taxed by the payer but in doing my 2015 taxes, we're getting all of that back... thus, no income tax at all.
I don't pay income tax on my SS income. Wished I did because then I would have more income. - Dave
lev29
Loc: Born and living in MA.
Dngallagher wrote:
For Federal taxes, it depends on several factors.... some SS may be taxable, for state, it depends on the state ... some do not tax SS, some tax a portion of it ... easy enough to find out by a few quick searches on the internet.
Here is the PDF from the IRS ...
Thanks for posting! :thumbup:
larrywilk wrote:
Live in Florida and we have no state income tax. Over $100 month is taken from my SS for Federal income tax, medicare(cade?) and FICA.
No, FICA was the money taken out of your paycheck all the years you worked....
If you are over 65, then you get Medicare for free as a benefit of being eligible to collect SS based on paying into it for enough years.... YOU can elect to have Federal Tax withheld from your SS payment each month, BUT it is your choice.... It is withheld by a percentage, 10%, 20%, etc....
The $100.00 per month that IS taken out of your SS is most likely your PART B supplement - Medicare pays 80%, and Part B picks up the 20% or there about....and costs about $104.00 per month currently.
Nice to have no state tax for sure ;)
Taxes owed on SS depend on your income, if your income is above a certain level then your SS IS taxable, and I believe almost everyone is taxed on a certain percentage of SS.
Dngallagher wrote:
No, FICA was the money taken out of your paycheck all the years you worked....
If you are over 65, then you get Medicare for free as a benefit of being eligible to collect SS based on paying into it for enough years.... YOU can elect to have Federal Tax withheld from your SS payment each month, BUT it is your choice.... It is withheld by a percentage, 10%, 20%, etc....
The $100.00 per month that IS taken out of your SS is most likely your PART B supplement - Medicare pays 80%, and Part B picks up the 20% or there about....and costs about $104.00 per month currently.
Nice to have no state tax for sure ;)
Taxes owed on SS depend on your income, if your income is above a certain level then your SS IS taxable, and I believe almost everyone is taxed on a certain percentage of SS.
No, FICA was the money taken out of your paycheck ... (
show quote)
Just finished getting my taxes done, since I still work full time I was taxed a percentage of my late wife's and my SSI , next year just mine,when I retire I will still have to pay for the part D and B. (nothing is free).
I have no questions, I made a statement. I have been paying the tax since I was 66 yrs old.
If Medicare was free, I would be getting about $100 more per month than I do now. The government automatically takes the money out of everyone's retirement before the annuity is paid.
The advantage plan providers use the $0 cost as advertising gimmick.
If you want to reply, then
register here. Registration is free and your account is created instantly, so you can post right away.