question about filing taxes

[LIT LOVE]

Originally Posted by mrsD

No I don't have disability, just Social security (retirement), now. (The abbreviations confuse me, sorry).

I just became eligible in November.

Just making sure, since that would have caused you major problems.

[razzle51]

file jointly

[finz]

Mrs D,

I think you definitely should consult with a tax pro on that. The particulars (esp your basic tax rate if filing jointly) can change the correct answer.

It would seem like the 'obvious' answer to file seperately would be best for anyone collecting SSDI (and I'm assuming, but don't know for sure that SSRetirement would be the same), but I know in my case, our accountant still has my husband and I filing jointly. Whatever taxes we pay on my SSDI being combined with his in our total income is offset by the amount we save we him being able to claim me as a dependent, etc

I haven't had anything to do with my taxes since hubby and his accountant took over 20 years ago, so Ireally can't intelligently discuss the issue, but I wanted to let you know someone smarter than us at taxes has us filing jointly. I would guess, especially for last year when you only started collecting benefits at the end of the year, that you should do as you had been doing. Your question will probably be what to do for your 2013 tax year, due 4/2014.

[DonnaW1955]

You may owe taxes, it depends upon what kind of a pension you and/or your spouse receive. Some of my DH's pension is taxable, it's the annuity and it is a whopping $610 a year, since his SSDI and his pension are his only income we do not have to file. Put we did file up until I stopped working, we still filed then just to get back what I paid in, I never saw it as negative because we always got something back

[mrsD]

Originally Posted by DonnaW1955

You may owe taxes, it depends upon what kind of a pension you and/or your spouse receive. Some of my DH's pension is taxable, it's the annuity and it is a whopping $610 a year, since his SSDI and his pension are his only income we do not have to file. Put we did file up until I stopped working, we still filed then just to get back what I paid in, I never saw it as negative because we always got something back

I don't have a pension. I do have an IRA and 401K that I do not
take $$ from, yet. Hubby is still working. I worked part time contingent at several jobs, for years so I could have my summers off. The type of work I did, led to poor vacation time, and even if I were eligible for 4 weeks they'd never let me have it all at once. So I just saved money and invested my own, instead of a pension. I do get some income reinvested from my investments, but they are modest. I haven't needed to dip into those yet.

Hubby typically uses TurboTax and he is going to start soon, and see if there is an answer there. The tax accountants he knows, have been vague about answering this question. Every year the tax laws seem to change anyway...

The standard answer we have so far is that filing joint, confers more benefits than if I filed separately with my low income. But I expect those rules will change soon.