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Social Security Benefits

Social security benefits refer to monthly payments made by the government to retired people and their families who have paid social security taxes for a period of time. There are various criteria that a person must fulfill in order to be eligible for social security. Not everyone will be familiar with these criteria and this can give rise to many questions. Given below are some commonly answered questions by Experts about Social Security Benefits.

Is a disabled veteran required to pay income tax on social security benefits?

A disabled veteran may not have to pay tax on social security benefits in most situations. Whether he/she owes taxes or not will depend on how much income the veteran has. If half of the person’s social security benefits and all of the VA benefits add up to $25,000 or more when he/she is single and $32,000 or more when he/she files jointly, then the social security disability benefits may be taxable. One may get more information regarding this from the Volunteer Income Tax Assistance workshop.

Would a person’s social security benefits be affected if he/she applied for social disability insurance in the state of California?

In most situations in the state of California, a person’s social security may be reduced if he/she is receiving California State Disability Insurance (SDI) when he/she applies for social security benefits.

Under what circumstance would a person’s social security benefits be tax free?

If the social security benefits are the only mode of income that the individual has, then it may be tax free.

Will social security affect a person’s unemployment benefits in California?

Social security payments may not affect a person’s unemployment benefits in California. The only thing that may affect these payments is income earned by the person by working. Since social security benefits are not earned income, it may not affect unemployment benefits.

Can a person receiving social security benefits withdraw money from their IRA account without penalty?

A person may be able to withdraw money from their IRA without being subject to any penalty since the individual meets the IRS’s condition of being disabled. Any withdrawals made due to permanent disability will not be subject to any penalty.

Will an individual have to pay taxes on social security benefits while they are working?

An individual may have to pay taxes on his/her social security benefits while they are working. The benefits may be withheld from their paycheck irrespective of their age. The person will also have to pay social security taxes along with income tax.

Will admission in an online public school fulfill the requirement of being registered in a school fulltime for social security?

Enrollment in an online public school may fulfill the requirement of being registered in a full time school for the purpose of social security benefits. One may find further information regarding this on http://www.socialsecurity.gov/schoolofficials/faqs_students.htm

Receiving social security benefits may be very important for people who do not have any other mode of income after retirement. It is important for you to be aware of all the rules and guidelines that need to be followed to be eligible for these benefits. Many times, you may lose out on these benefits just because you are unaware of what the rules and procedure are. These rules may vary depending on the state you reside in and your individual situation. You may ask an Expert if you are not sure of these rules and guidelines.

Ask a Financial Professional

Rakhi Vasavada
Rakhi Vasavada, Financial and Legal Consultant
Category: General
Satisfied Customers: 2162
Experience:  Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
43581946
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Rakhi Vasavada
Financial and Legal Consultant
Satisfied Customers: 2073
Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
Manal Elkhoshkhany
Tutor
Satisfied Customers: 1890
More than 5000 online tutoring sessions.
Megan C
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Satisfied Customers: 1755
Licensed CPA, CFE, CMA who teaches accounting courses at Master's Level

Recent Social Security Benefits Questions

  • My wife makes around 40K a year, and I make 65K a year - we

    My wife makes around 40K a year, and I make 65K a year - we have no businesses and are married how ever we claim nothing, and we're single according to our checks so we're being torn apart biweekly with taxes. We just bought a house this year as well, so that would benefit us when tax season comes I suppose?

    My main question is, since our taxes are straight froward do you suggest that we now inform our employers that we're married so we can get more $ per check or shall we keep it "single" if we're comfortable with the money we're getting so we don't have to owe much back at the end of the year?
  • I am not American. I receive social security benefits because

    I am not American. I receive social security benefits because my late husband was an American. 30% of my payment is withheld each month. Social security is my only U.S. income. Can I claim on the 30% which is deducted? Thank you.
    Gaynor Buesser XXX@XXXXXX.XXX
  • do I need to file a 1041 for my deceased husband if I file

    do I need to file a 1041 for my deceased husband if I file a 1040 joint tax return ? He only received social security benefits.
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