Social Security 1099 Forms

February 1, 2006

As of today Social Security has completed mailing form 1099 to all Disability and Retirement beneficiaries. The amounts on this 1099 have been reported to IRS for tax purposes. Remember, Social Security benefits (with the exception of SSI) are not exempt from Federal income tax. Whether or not you have to pay [...]

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Are Social Security Benefits Taxable?

January 30, 2006

Social Security benefits are not exempt from Federal income tax. This is true for both Social Security retirement and disability benefits. SSI benefits however, are not taxable. Whether or not you have to pay income taxes on these benefits depends on your total income for the year. For most people who [...]

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Social Security Retirement Benefits

January 20, 2006

In order to qualify for Retirement benefits under Social Security you need to work and pay Social Security taxes for a minimum of ten years. The ten year requirement does not mean that the ten years of work has to be continuous; Social Security breaks your work record up into “quarters of coverage” or “credits.”
You [...]

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How Social Security Works: The Trust Fund

January 9, 2006

A common misconception about Social Security is that: “The money I pay into Social Security is my retirement or disability, and when I retire that pile of money is there waiting for me.”
In fact, the taxes you pay on your wages fund the Social Security Trust Fund, which actively pays the people who are [...]

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