Q & A
Are Social Security benefits taxable?
Full Question: My wife receives Social Security disability income and my 12-year-old daughter qualifies and receives Social Security dependent income. Do I need to file taxes for my daughter on the income she received from Social Security? Answer: According to the IRS…
Please provide details on the Social Security Lump-Sum Benefit
Full Question: What is the amount of the Social Security lump-sum benefit? Who is it payable to? Is it payable only if the worker was fully insured? And must you apply to receive the benefit? When should a person file this…
I withdrew my CSRS for a bit of service with the Postal Service in 1990. I then was rehired by the Postal Service and have just retired. I redeposited $2,818 to make my annuity about $100 more per month. That withdrawal didn’t affect my years of service, just the annuity amount. Can I deduct that redeposit somehow from my federal tax return for this year?
Answer: No. Source: Reg Jones, FederalTimes.com – January 27, 2014 Notice: The link provided above connects readers to the full text of the posted article. The URL (internet address) for this link is valid on the posted date; socialsecurityreport.org cannot guarantee…
I am a 51-year old FERS employee with 28 years of service. Because of my declining health, I plan to resign and take a deferred retirement. With more than 20 years of service under FERS, I can begin receiving a deferred annuity at age 60. Can I receive a reduced annuity at age 56, my minimum retirement age? If so, will the reduction be 20 percent or 30 percent? In other words, will I be penalized 20 percent (5 percent per year for four years) between the ages of 56 and 60, or 30 percent for the six years between the ages of 56 and 62?
Answer: The only way you could receive a reduced annuity at your MRA would be if your agency was authorized to offer early retirement under the Voluntary Early Retirement Authority and yours was one of the positions included in the offer.…
I am CSRS Offset. I’ve been paying into Social Security for many years and I plan on retiring before I’m 62 years old. Once I retire, will I stop paying into Social Security? Also, will I be eligible for the special retirement supplement before I’m eligible to collect when I’m 62 years old?
Answer: Yes, you’ll stop paying into Social Security when you retire. Those deductions are only taken from wages and self-employment, not other kinds of income. No, only FERS retirees are eligible for the special retirement supplement. Source: Reg Jones, FederalTimes.com –…
What’s the best way to find out if I might be eligible for SSI?
Answer: Our online Benefit Eligibility Screening Tool will help you find out if you could get benefits that Social Security administers. Based on your answers to questions, this tool will list benefits for which you might be eligible and tell you…
Who is eligible for Supplemental Security Income?
Answer: People who receive SSI are age 65 or older, blind or disabled with limited income and resources. Go to www.socialsecurity.gov for income and resource limits. The general fund of the United States Treasury makes SSI payments. They do not come…
My parents recently moved into a retirement community and they are signing their house over to me. Can I still get Supplemental Security Income (SSI) or will homeownership make me ineligible?
Answer: You can own a home and still receive SSI as long as you live in the home you own. In most cases, when determining SSI eligibility we don’t count as a resource the home you own and live in or the…
How soon can I apply for a Social Security number as a J-1 exchange visitor working in the United States?
Answer: Before you apply for a Social Security number and card, we suggest you: Be in the United States for at least 10 day; and Report to your program sponsor (You must be in active status for at least two…
How can I get a new Medicare card?
Answer: If your red, white and blue Medicare card is lost, stolen or damaged, you can request a new one at www.socialsecurity.gov. However, you can use our online application only to request a Medicare card. If you need a Medicaid…