Will my Medicaid waiver payments reduce my Social Security benefits?

Full question: For caring for my adult disabled child in my home, I receive Medicaid waiver payments designated as “difficulty of care payments” under notice 2014-7, which are excludable from my gross income for both income taxes and FICA. If I begin to collect early retirement benefits before my FRA, do these payments above $19,560…

Read More

Are taxable withdrawals from my 401k considered earned income?

Full question: Are withdrawals from my 401k considered “earned income” with respect to taxing my Social Security benefits? I understand how Social Security benefits can be taxed if you have earned income while collecting Social Security. I just don’t understand/know if taxable withdrawals from my 401k count as earned income. Thanks. Hi there, The earnings…

Read More

Can I supplement my income by working past the age of 70?

Hi there, Yes, you can work past the age of 70 to supplement your Social Security income. Working past age 70 may or may not affect your Social Security income. Depending on your income, your Social Security could be subject to federal (and state, depending on where you live) taxation. Your future income even has…

Read More

Are Social Security benefits subject to FICA taxation?

Full question: Thank you for your videos! I’m thinking about drawing Social Security sometime soon as well as retiring, I’m 65. I know that I will be paying federal tax (prob 85%) on my benefit. My question is, while you are drawing Social Security do they still take out OASDI taxes? Hello, I’m glad you…

Read More

How do I switch from survivor benefits to my own benefits and withhold a percentage for tax purposes?

Full question: Currently receiving my late wife’s benefit while deferring mine. Turning 70 in September and would like to turn on my benefit and have SS withhold a percentage for tax purposes. I’ve made several calls to the “closed” SS offices and can not get a straight answer as to how I’m supposed to accomplish…

Read More

Does your minor child need to be listed as a dependent on your tax return for you to collect child benefits?

Full question: If you file and start collecting Social Security, and you have a minor child, must they be listed as a deduction on your tax return for you to collect child benefit as well? I ask because I have joint custody of our 11-year-old son, but my ex-wife lists him as a dependent on…

Read More

< Back