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I am on SS disability, I also work part time for a bank, on…

I am on SS...

I am on SS disability, I also work part time for a bank, on line and at home. My wages have gone up and my W from last year reflects $26,000 in box 3 of my W2. I have no problem in paying a penalty on what I made, but is my disability in jeopardy at all and if not what will I owe?

Accountant's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

MS

Accountant's Assistant: Has anything been filed or reported?

Yes

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Customer reply replied 4 months ago
I've been collecting disability since 2012 and the 9 months trial has been used up. My only concern is not not losing disability based on my 2016 W2 #26,000 amount, and what I would owe based on what I received in salary. I am familiar with the deductions I can claim to off set this number, but even using those offsets, the number is ***** then the $1130 monthly allowable amount for 2016.
Answered in 50 minutes by:
9/25/2017
SSA.Help4u.168
SSA.Help4u.168, Accountant
Category: Social Security
Satisfied Customers: 4,197
Experience: Tax Accountant
Verified

Hello. Thank you for choosing this Q&A service for assistance. My name is Angela. I will be assisting you.

Q: but is my disability in jeopardy at all and if not what will I owe?

A: Based on the amount of your earnings, the answer is yes. A person is allowed to earn $1,170 a month. $1,170 x 12 mos. = $14,040.

-------------------------

Here's how the SSA reduces your income.

If your only income is from your job, the SSA does not include the first $85 you earn toward your countable income. After the $85 adjustment, the SSA will deduct 50 cents for every dollar you earn from your monthly benefits. Here is an example of a person who earns $1,170 a month from working: $1,170 - $85 = $1,085 ÷ 2 = $542.50. The individual’s monthly SSI benefit amount would be reduced by $542.50.

Your monthly benefit amount is also affected by the amount your state adds to the federal SSI payment, if any. For more information, see our article on how much SSI pays.

If your SSI payments stop because you earn too much money, but you are subsequently forced to quit work because of your disability, the SSA will reinstate your benefits without the need for a new application for a period of five years.

REFERENCE SOURCE:

http://www.disabilitysecrets.com/page1-13.html

If the information provided clarifies matters for you, I ask that you be so kind as to scroll to the top of the page and select 3 or more stars to positively rate my response so that I can receive credit for assisting you. A 5 star rating is most appreciated. Thank you in advance.

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Customer reply replied 4 months ago
I read this answer previously on the internet and does not make sense. If you are allowed to makke up to $1170 then, if I made 1170 in a month why would this apply?
Use the example as if I made $1600 for the month and then what would they take.
Here is an example of a person who earns $1,600 a month from working, what would it be reduced by?
Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Social Security
Satisfied Customers: 1,385
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
Verified

Here's how the SSA reduces your income.

If your only income is from your job, the SSA does not include the first $85 you earn toward your countable income. After the $85 adjustment, the SSA will deduct 50 cents for every dollar you earn from your monthly benefits.

Here is an example of a person who earns $1,170 a month from working: $1,170 - $85 = $1,085 ÷ 2 = $542.50. The individual’s monthly SSI benefit amount would be reduced by $542.50.

For your example. $1,600 -$85 = $1,515.00 / 2 = $757.50 Your monthly SSI Benefit amount would be reduced by $757.50.

I hope this explanation helps.

Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Social Security
Satisfied Customers: 1,385
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
Verified
Chad EA, CFP ® and 87 other Social Security Specialists are ready to help you
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Customer reply replied 4 months ago
I thought a person was allowed to make up to $1170 a month? If so, why would the whole $1600 be the basis for the countable income? Should it not be $1600-85-$1170=$345/2= $172.50

I understand your position, but that is not how the benefit reduction is calculated.

For a complete list of income that DOES NOT COUNT for SSI I have placed a direct link below to SSA.

https://www.ssa.gov/ssi/text-income-ussi.htm

Examples of payments or services we do not count as income for the SSI program include but are not limited to:

  • the first $20 of most income received in a month;
  • the first $65 of earnings and one–half of earnings over $65 received in a month;
  • the value of Supplemental Nutrition Assistance Program (food stamps) received;
  • income tax refunds;
  • home energy assistance;
  • assistance based on need funded by a State or local government, or an Indian tribe;
  • small amounts of income received irregularly or infrequently;
  • interest or dividends earned on countable resources or resources excluded under other Federal laws;
  • grants, scholarships, fellowships or gifts used for tuition and educational expenses;
  • food or shelter based on need provided by nonprofit agencies;
  • loans to you (cash or in–kind) that you have to repay;
  • money someone else spends to pay your expenses for items other than food or shelter (for example, someone pays your telephone or medical bills);
  • income set aside under a Plan to Achieve Self–Support (PASS). See the SSI Spotlight on Plan to Achieve Self–Support;
  • earnings up to $1,790 per month to a maximum of $7,200 per year (effective January 2017) for a student under age 22. See the SSI Spotlight on Student Earned Income Exclusion;
  • the cost of impairment–related work expenses for items or services that a disabled person needs in order to work. See the SSI Spotlight on Impairment–Related Work Expenses;
  • the cost of work expenses that a blind person incurs in order to work. See the SSI Spotlight on Special SSI Rule for Blind People Who Work;
  • disaster assistance;
  • the first $2,000 of compensation received per calendar year for participating in certain clinical trials;
  • refundable Federal and advanced tax credits received on or after January 1, 2010; and
  • certain exclusions on Indian trust fund payments paid to American Indians who are members of a federally recognized tribe
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Here is the SSA example:

Total monthly income = $317 (Gross wages)

1) $317 (Gross wages)
-20 (Not counted)
$297
-65 (Not counted)
=$232 divided by 1/2 =$116 (Countable income)

2) $735 (SSI Federal benefit rate)
-116 (Countable income)
=$619 (SSI Federal benefit)

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Customer reply replied 4 months ago
OK. Thanks for the explanation

I wish I had better news.

Have a great day!

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Ask Chad EA, CFP ® Your Own Question
Chad EA, CFP ®
Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Social Security
Satisfied Customers: 1,385
1,385 Satisfied Customers
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA

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