Got my back pay and checks monthly will start next month- wondered about tax liability..
2007-12-07 03:15:24 · 6 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
No, SSD is not taxable if it is your only income. Ignore the other answers, they don't know what they're talking about.
2007-12-07 03:28:54 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 1⤋
If you received a lump sum payment from SSDI, then it is very possible that some of it will be taxed. If your other income plus 1/2 of the SSDI benefit paid to you in 2007 is more than $25,000, you will have tax due on the SSDI (the amount is $32,000 if you are married).
If the SSDI amount is large enough for you to owe taxes, you have another way to figure your taxes. This involves going back to each year for which you are now receiving SSDI, and figuring your increased taxes when the SSDI payments for each of those years is added to your other income. If the total taxes from this computation is less than the tax owed when you include the lump sum in the current year, you are allowed to pay the lower amount.
If this applies to you, you may want a knowledgable tax preparer to figure it for you. The preparer will need your prior year tax returns (or income information if you did not file).
Looking ahead, if your SSDI in future years is your only income, or if the number as figured above ($25,000 or $32,000) has not been reached, then no taxes will be owed.
2007-12-07 12:20:21 · answer #2 · answered by ninasgramma 7 · 1⤊ 0⤋
70 - and artwork till you declare to leverage the end results of inflation on your income - do no longer earn greater advantageous than the max in years once you carry jointly - they're going to withold $a million for each $2 over the max which you earn (previous to age 70) - different sources of income could make you SS advantages taxable - IRAs and 401Ks count variety in the direction of that shrink. - stay in (or pass to ) a state that would not tax SS advantages Asker's score & remark
2016-11-13 23:31:14 · answer #3 · answered by caton 4 · 0⤊ 0⤋
It is treated just like the current SSDI payments. If you have enough other income, some of it might be taxable.
2007-12-07 03:31:15 · answer #4 · answered by Judy 7 · 1⤊ 0⤋
i dont see why not. all pay is taxable i thought, regardless of when you recieve it.
2007-12-07 03:17:52 · answer #5 · answered by skiracer712 4 · 0⤊ 1⤋
yes technically
2007-12-07 03:18:26 · answer #6 · answered by Anonymous · 0⤊ 1⤋