Are Disability Pensions Taxable
March 16th, 2010Question: are disability ssi payments taxable?
disabled man 61 yrs old, also rec'd income from pension- that amount was about 6000.00 more than the ssi payments total. only tax deducted was from pension (very small amount)
Answer: A portion of your SSI payments may be taxable. Below is a link to the Form 1040 Instructions. The Social Security Benefits Worksheet is on page 28. If your income from the pension, any other income, and one-half of your SSI payments received (box 5 of 1099-SSA) all added together is more than $25,000, then a portion of your SSI is taxable. If that same total is less than $25,000, then none of your SSI is taxable.
Hope this helps, and Good Luck.
Congress posts reconciliation bill
UPDATED: The 153-page bill makes a number of changes to the Senate bill. The highlights: —Increases the tax credits for middle-income families who buy insurance. —Reduces the penalty for not buying insurance from $750 to $695. But the bill also requires some people to pay a share of their income as a penalty and that number was raised from 2 percent to 2.5 percent. —It closes the gap in Medicare ...
Related posts
Posted in Is This Taxable