finz
Carpal \'Tunnel
Reged: 06/17/08
Posts: 6458
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Are you sure on losing the first 6 months ? I don't recall anything like that...I thought it went back to the date of disability per your docs. I'm not positive though.......in my case I didn't apply for SSDI until I was already out of work over one year,
The lawyer is 25%, but is capped at $5,100
The taxes can be broken down over the number of years that you were waiting for approval, so your tax burden will probably be low because of your income.
Medicare picks up 24 months after the date of disability per SSDI.....so if they approve you tomorrow and set your date of disability as the date your docs say, that 24 months is already up and you would be covered right away. I actually got my MC card in the mail before I had the official news that I was approved.
My concern for you is that it is not safe to go a day without insurance because you already have health issues. You could apply for Medicaid in the interim, but make sure your docs accept MA......many in my area don't take it.
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gr8Dad
Carpal \'Tunnel
Reged: 06/07/04
Posts: 30195
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...as SSDI is not taxable.
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Why give a "senior" discount, they have had plenty of time to raise the money...
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Yes_Dad
Carpal \'Tunnel
Reged: 08/23/08
Posts: 7406
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[quote]Are you sure on losing the first 6 months ? I don't recall anything like that...I thought it went back to the date of disability per your docs. I'm not positive though.......in my case I didn't apply for SSDI until I was already out of work over one year,
The lawyer is 25%, but is capped at $5,100
The taxes can be broken down over the number of years that you were waiting for approval, so your tax burden will probably be low because of your income.
Medicare picks up 24 months after the date of disability per SSDI.....so if they approve you tomorrow and set your date of disability as the date your docs say, that 24 months is already up and you would be covered right away. I actually got my MC card in the mail before I had the official news that I was approved.
My concern for you is that it is not safe to go a day without insurance because you already have health issues. You could apply for Medicaid in the interim, but make sure your docs accept MA......many in my area don't take it. [/quote]
There is a six month wait period (they are hoping you either get well or die). It's 6 months from your "onset date" so say you became sick April 1, you begin accruing benefits Oct 1. In other words, if your case takes 2 years to get approved, you would receive 18 months of retro payments rather than 24 months. A lot of people die waiting to be approved. But there is a 6 month waiting period
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Yes_Dad
Carpal \'Tunnel
Reged: 08/23/08
Posts: 7406
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[quote]...as SSDI is not taxable. [/quote]
Where did you get that? Yes it is, under certain circumstances. This explains it better than I could.
http://www.marketwatch.com/news/story/how-slash-taxes-social-security/story.aspx?guid=%7BEB1BC938-EABA-43EF-AD3D-5AC839A9BE62%7D
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gr8Dad
Carpal \'Tunnel
Reged: 06/07/04
Posts: 30195
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...it will not be taxed, and her income, beyond the SSDI will be zero, unless she gets alimony. Now, if her income exceeds $32000 a year, it would APPEAR to be taxable, but if she makes more than $900 a month, she would lose part of her SSDI.
It is a tricky formula, but I assure you that if you ONLY Income is SSDI, you pay no taxes.
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Why give a "senior" discount, they have had plenty of time to raise the money...
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Yes_Dad
Carpal \'Tunnel
Reged: 08/23/08
Posts: 7406
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[quote]...it will not be taxed, and her income, beyond the SSDI will be zero, unless she gets alimony. Now, if her income exceeds $32000 a year, it would APPEAR to be taxable, but if she makes more than $900 a month, she would lose part of her SSDI.
It is a tricky formula, but I assure you that if you ONLY Income is SSDI, you pay no taxes. [/quote]
Wrong. As a couple, up to 50% of SSDI can be taxed with income over 50% and they couples tax rate. Alone, she would never get enough to be taxes, and to prevent retro taxes, you can refile for those years. The EXACT formula is as follows
STRAIGHT from the 1099-SSA
A. Enter the total amount from box 5 (off the SSA 1099) Box 5 is net SSDI income
B Enter 1/2 pf the amount on line A
C. Enter your TOTAL income that is taxabl, such as pensions, wages, interest, ordinary income and capital gains contributions. Do not reduce your income by any items such as student loan deductions, the standard deduction (or itemized deductions) or exemptions
D. Enter any tax-exempt interest such as interest on municipal bonds
E. Add lines B,C,D and enter the totals here. Then read the info below
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Part of your SSDI benefits may be taxable if for 2008 you were signle and line E is more than $25,000
2. Married, and
a. You would file jointly snd line E is more than $32,000; or
b. You would file seperately, and line E above is more than zero)more the $25,000 if you lived apartfrom your spouse for all of 2008
If your figures show that part of your benefits see Social Security Benefits in your federal income tax return instructions. If they do not, none of your benefits are taxable this year unless you exclude income from sources outside the United States, interest income from EE bonds or I U.S bondssacings bonds,issued after 1989 or employer privided adoption benefits.
In non of your benefits are taxablel but you must file a tax return doing the following
*Enter the totalamount from line A above on form 1040, line 20A, or Form 1040A above on Form 2040, line 30s, or Form 1040A, line 14a and enter -0- on Form 1040, line 30b, or Form 1040A line 24b
*If you and your wife lived apartfor all of 2008, enter D to the right ig the word benefits on Form 1040, line 30a, or Form 1040A line 14a
Bottom linr if your total income os over 50K, 1/2 of them is taxable.
This is straight from SSA, I suppose the IRS would have it too.
It's a total myth SSDI is non-taxable. SSI is non-taxable in any way, shape or form
I know this because in the year 2004 and part of 2005 I was on it and my income dictated that it be factored in for taxes.
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gr8Dad
Carpal \'Tunnel
Reged: 06/07/04
Posts: 30195
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...a couple in which one spouse HAS an income, and the other has SSDI.
I am talking about if you ONLY income is SSDI. In other words, you get X amount a year from SSDI, and the SSDI is the ONLY Income in your house.
Sorry for the confusion.
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Why give a "senior" discount, they have had plenty of time to raise the money...
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finz
Carpal \'Tunnel
Reged: 06/17/08
Posts: 6458
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[quote]...as SSDI is not taxable. [/quote]
We don't know if her's will be or not....it depends on the amount she gets in the back pay check and on when she gets seperated/divorced
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