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Does a class action settlement affect soc. sec. and medicare…

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Does a class action...

Does a class action settlement affect soc. sec. and medicare benefits.

Accountant's Assistant: These retirement benefits are supposed to help us but they can be so complicated! The Retirement Expert will help you get the most benefits propertly. Please tell me more, so we can help you best.

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Submitted: 11 months ago.Category: Social Security
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7/31/2017
Social Security Expert: SSA.Help4u.168, Accountant replied 11 months ago
SSA.Help4u.168
SSA.Help4u.168, Accountant
Category: Social Security
Satisfied Customers: 4,759
Experience: Tax Accountant
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Hello. Thank you for choosing this Q&A service for assistance. We appreciate your trust in us. My name is Angela. I will be assisting you today.

Q: Does a class action settlement affect soc. sec. and medicare benefits.

A: In brief, the answer is no. SEE BELOW:

Unless the settlement involves an award of wages or self-employment earnings, or if it is a worker's compensation settlement and you are receiving disability benefits, it will have no direct affect on your Social Security benefits. The only types of income that count toward Social Security's earnings test are gross wages and net self-employment earnings.

The settlement may, however, have tax implications. Depending on a person's total income, a certain percentage of their Social Security benefits may be taxable. SEE BELOW:

No one pays federal income tax on more than 85 percent of his or her Social Security benefits based on Internal Revenue Service (IRS) rules. If you:

  • file a federal tax return as an "individual" and your combined income* is
    • between $25,000 and $34,000, you may have to pay income tax on up to 50 percent of your benefits.
    • more than $34,000, up to 85 percent of your benefits may be taxable.

  • file a joint return, and you and your spouse have a combined income* that is
    • between $32,000 and $44,000, you may have to pay income tax on up to 50 percent of your benefits
    • more than $44,000, up to 85 percent of your benefits may be taxable.

  • are married and file a separate tax return, you probably will pay taxes on your benefits.

REFERENCE SOURCE:

https://www.ssa.gov/planners/taxes.html

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Social Security Expert: SSA.Help4u.168, Accountant replied 11 months ago

Hello again. I take it that you found my answer to be satisfactory. Respectfully, ***** ***** that you take the time to scroll to the top of the page and select 3 or more stars to positively rate my response. A positive rating is the only way that I can receive credit for assisting you. Thank you in advance.

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