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My wife and i both work. I collect social security. I filed

My wife and i both...
My wife and i both work. I collect social security. I filed for supplemental benefits for my two children under 18. it was granted. Why and do we have to pay taxes on it?
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Answered in 1 minute by:
10/28/2013
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 16,581
Experience: Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level
Verified

Megan C :

I realize you have a question about social security. My goal is to provide you with excellent service, and help you better understand your options.

Megan C :

How are you today?

Megan C :

You would not be taxed on the supplemental benefits that you get for your children under the age of 18.

Customer:

I'm afraid that they will take back the money they have given us. My wife and I together make over $100k. I've deliberately filed for 25% withholding for my ss check. just recently we were awarded $641 per month for each child, 12 and 15 years old, plus retro back to October 2012. Are we really eligible? Did they make a mistake?

Megan C :

No, they did not make a mistake. Your children will share a benefit equal to 50% of your benefit

Megan C :

You are eligible. They aren't going to take it from you.

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Customer reply replied 4 years ago
Relist: Answer quality.
All Megan said was our benefits are not taxed. She didn't give detail or allay my fears: I'm afraid that they will take back the money they have given us. My wife and I together make over $100k. I've deliberately filed for 25% withholding for my ss check. just recently we were awarded $641 per month for each child, 12 and 15 years old, plus retro back to October 2012. Are we really eligible? Did they make a mistake?
Customer reply replied 4 years ago
Relist: Answer quality.
All Megan said was our benefits are not taxed. She didn't give detail or allay my fears: I'm afraid that they will take back the money they have given us. My wife and I together make over $100k. I've deliberately filed for 25% withholding for my ss check. just recently we were awarded $641 per month for each child, 12 and 15 years old, plus retro back to October 2012. Are we really eligible? Did they make a mistake?
Thanks, XXXXX XXXXX your follow up. We had technical difficulties and I don't believe you seen my response.

Your children share a benefit equal to 50% of your benefit. This is not a mistake, and they will not take this money back from you. You will not be taxed on these benefits because they are actually for your children.

Please let me know if you need anything additional. Please reply using the 'reply' button below.

Thanks, XXXXX XXXXX me know how else I can help you with your issue.

Thanks so much!
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 16,581
Experience: Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level
Verified
Megan C and 87 other Social Security Specialists are ready to help you
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Megan C
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 16,581
16,581 Satisfied Customers
Experience: Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level

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