Why Is My Workers Compensation Offset Counted As Taxable Income?
I have been receiving Washington state workmans comp since sept 2001 and social security disability since 2003. In the years 2018 & 2019 my w-2 from social security shows workman's comp off-set of $24,000.00 which shows up as taxable income. Workman's comp is tax exempt. I have called the social security office and stood in line at their office with no clear answers, This has put me in a higher tax bracket when I filed my tax return. Can you help me?
Hi,
I wish that I had an answer for you, but my expertise is limited to Social Security benefits . . . Read More
Category: Miscellaneous
Posted: Feb 18 2020 - 10:43am
Is There Any Way I Could Qualify For Lower Medicare Premiums?
My husband passed away in 3/2017 at age 73. We both were getting our SS. He was still working when he died. I got spousal SS after his death. My Medicare part B and D premium keeps on going up every year because of IRMAA based on income 2 years ago. I will get $1 for April and much less SS from May onwards. Same thing happened last year. We both worked longer hours and he worked until 73, we had professional jobs, contributed 13% towards SS taxes. It hurts me to pay very high Part B and Part D premium about $470/pm and get very less SS. I am healthy, mo medical issues. . . . Read More
Category: Medicare
Posted: Feb 18 2020 - 8:35am
Why Would Social Security Say That I Qualify And Then Say I Don't?
I had income 1977-1986 and then again in 2013-2017. In October 2018, SS Statement said I had earned enough credits (finally!) to qualify for SS. Now in 2020, SS Statement says I only have 39 and don't qualify for benefits. I am no longer working. What happens now? I'm 62. (Any idea how many credits I earned in 1977 for income of $768?)
Why would they say I qualify and then say I don't. Is this something I can change? Thank you for any info you can provide.
Hi,
The conflicting information you received from Social Security is in part related to . . . Read More
Category: Miscellaneous
Posted: Feb 17 2020 - 4:48pm
Why Would Social Security Send Me Reports About My Former Employers' Pension Plans?
One month ago, I received three reports from Social Security regarding the dollar value of my former (private) employers' pension plans. The contacts for those reports are the pension program administrators. Two of the reports had dollar figures that were several years old . I contacted the pension administrator and he was flummoxed by the reported numbers. I contacted Social Security and they had no record of these reports and did not understand why I was receiving them (no surprise having read Get What's Yours. First of all why am I getting pension reports that have nothing . . . Read More
Category: Miscellaneous
Posted: Feb 17 2020 - 2:38pm
If I File For Survivor Benefits At Age 62 And Switch To My Own Record At FRA Will Any Of The Money Withheld Due To My Earnings Be Reqained?
I am the higher earner and my spouse was the lower. If I draw survivor benefits at age 62 which will be heavily reduced due to continuing to work and the excess wages provision, will any of that money ever be gained when I switch to my own higher benefit at my FRA. Or, due to the fact that I am switching to my own earnings record are all the dollars lost due to excess wages forever gone. I was born in 1958.
Hi,
No, benefits withheld prior to a person's full retirement age (FRA) as a result of the Social Security earnings test are never really returned . . . Read More
Category: Filing Strategies
Posted: Feb 17 2020 - 1:29pm
Shouldn't I Be Grandfathered From A Benefit Rate Reduction?
When ths SS law was change by Reagan. We were told that the people who started prior to a certain date would be "GRANDFATHERED IN". Meaning the new SS law would not affect us. (The city of Los Angeles Dept of Water and Power) workers if we should chose to work after retiring from the city. I retired in 1999, worked long enough to qualify for SS benefits. When applying I was told that my monthly allotment of approximant benefit $900 would be lowered to $200. Due to my working for the LADWP. (while working for the LADWP THE "grandfathered in" people DID NOT PAY INTO SS AT ALL) . . . Read More
Category: Non-Covered Pension - WEP / GPO
Posted: Feb 17 2020 - 1:06pm
Can I Take My Own Retirement At FRA And Switch To Half Of My Husband's Benefit When He Files?
I am going to be 66 next month. thats my full retirement age. I was born March 1954. I am married. My husband plans to collect his social security next year in April 2021, at his full retirement age 66 and 2 months.
My question is: Can I take my own retirement in April 2020 at my FRA. I will be getting much less than when my husband files for his SS. So can I take my own SS now and when he applies for his SS next year in 2021, can I switch over to his SS so I can receive half of his? I say half because he will be at FRA when he files. Thank you.
Cherie
. . . Read More
Category: Filing Options
Posted: Feb 17 2020 - 11:30am
Do You Have Any Suggestions For My Situation?
I read the answer to the question you gave regarding AutoConversion of SSDI to SSRI. You stated that the person might receive a higher payment after conversion based on his earnings. I am currently in this situation. Only complicated by my previous employer’s insurance company and their agent, GenEx. I was on private disability through work, and due to a clause disclosed to me after being on LTD for a year, I was forced to apply for SSDI to reimburse Guardian, the insurer. By the time the favorable judgement was rendered, I was full age of retirement. SSA tells me the I will be . . . Read More
Category: Disability Benefits
Posted: Feb 16 2020 - 2:51pm
Can I File For Something At Age 62?
Hi Larry
Unfortunately I am permanently disabled due to work injuries I am turning 62 in August I was married 20 years my ex husband also very sick Chf and more and also on permanent disability he makes a lot more then I do can I file something at age 62 can you explain Thank You Learning from your column Thank You
Hi,
You don't mention whether or not you currently receive benefits, but Social Security disability (SSDI) benefits can potentially be paid at any age (https://www.ssa.gov . . . Read More
Category: Filing Options
Posted: Feb 16 2020 - 10:13am
Am I Correct That A Government Pension Wouldn't Reduce My Social Security Benefits If I Have 30+ Years Of Work?
Hi Larry,
52yo here considering a new job with city government. I've been working full-time since age 17 (military but no pension benefit eligibility) followed by private sector to date. Am I correct in my reading of WEP that with my now 30 plus years of work, any potential government pension would not result in a reduction of future social security benefits?
Thx
Hi,
Yes, assuming that your earnings in at least 30 years meet the definition of 'substantial earnings' as defined in the Windfall Elimination Provision (WEP) legislation and . . . Read More
Category: Non-Covered Pension - WEP / GPO
Posted: Feb 16 2020 - 10:01am
