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I received a large payout from Social Security in 2017. I…

I received a large payout...
I received a large payout from Social Security in 2017. I received Social Security Disability. My claim was backdated to October, 2014. When I received my `1099; my payment w as broken up into 3 years. They were 2015, 2016, and 2017. When I file my taxes this year; must I claim the entire payment I received in 2017 for tax year 2017 "only"" or must I file amended returns for 2015,2016?
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Customer reply replied 5 months ago
Also, I have 2 Federal Pensions which total $39,000.00. I understand I must pay Fed Taxes on my Soc Sec Disability money. Someone said I have to pay taxes on 66% of the SSD. Is that true?
Answered in 1 hour by:
3/9/2018
PhillipsEsq.
PhillipsEsq., Attorney-at-Law
Category: Social Security
Satisfied Customers: 22,717
Experience: B.A., M.B.A., J.D.
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Your Questions:

I received a large payout from Social Security in 2017. I received Social Security Disability. My claim was backdated to October, 2014. When I received my `1099; my payment w as broken up into 3 years. They were 2015, 2016, and 2017. When I file my taxes this year; must I claim the entire payment I received in 2017 for tax year 2017 "only""

Response 1: No, because the payments are specifically designated for three years and not only for 2017.

or must I file amended returns for 2015,2016?

Response 2: Yes.

Also, I have 2 Federal Pensions which total $39,000.00. I understand I must pay Fed Taxes on my Soc Sec Disability money. Someone said I have to pay taxes on 66% of the SSD. Is that true?

Response 3: It is not true. Here is how to determine the taxability of your Social Security benefits:

  • Add one-half of the Social Security income to all other income, including tax-exempt interest. Then compare that amount to the base amount for your filing status. If the total is more than the base amount, some of your benefits may be taxable.
  • Base Amounts. The three base amounts are:
    • $25,000 – if taxpayers are single, head of household, qualifying widow or widower with a dependent child or married filing separately and lived apart from their spouse for all of 2016
    • $32,000 – if they are married filing jointly
    • $0 – if they are married filing separately and lived with their spouse at any time during the year

See IRS Publication 915. and IRS Publication 501

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Customer reply replied 5 months ago
Thank You Sir! ONE thing I did not mention is That I am a 90% Disabled Veteran and receive a VA Disability of close to $1,800.00 a month. This is Tax Exempt. I never receive anything like a 1099 etc. at the end of the year. Just confirming that this does not figure in here anywhere.

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PhillipsEsq.
PhillipsEsq., Attorney-at-Law
Category: Social Security
Satisfied Customers: 22,717
Experience: B.A., M.B.A., J.D.
Verified
PhillipsEsq. and 87 other Social Security Specialists are ready to help you
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Thank You Sir! ONE thing I did not mention is That I am a 90% Disabled Veteran and receive a VA Disability of close to $1,800.00 a month. This is Tax Exempt. I never receive anything like a 1099 etc. at the end of the year. Just confirming that this does not figure in here anywhere.

Response: Yes, that is correct. Your service-connected disability benefit should not be included in calculation of your taxable income.

Thank you very much for the positive rating.

Have a wonderful day!

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