Social Security Archives - Elder Law Center of Wisconsin

14 Mar Off

2018 Reference Guide

IRAs & Qualified Plans Contribution Limits IRA or Roth IRA contribution limit$5,500 IRA or Roth IRA catch-up (age 50 or older)$1,000 Traditional IRA deduction phaseout Participants in a retirement plan Single$63,000 - $73,000 Married filing jointly$101,000 - $121,000 Married filing separately$0 - $10,000 Spousal IRA$189,000 - $199,000 Roth IRA phaseout Single$120,000 - $135,000 Married filing jointly$189,000 - $199,000 Qualified Plans Elective deferrals to 401(k), 403(b), 457, and SARSEPs$18,500 Catch-up contribution (age 50 or older)$6,000 Defined contribution plan limit (Section 415(c)(1)(A))$55,000 Defined benefit plan limit (Section 415(b)(1)(A))$220,000 Simple IRA & SEP IRA SEP IRA contribution limitLesser of $55,000 or 25% of compensation SIMPLE...

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05 Mar Off

2018 Social Security Reference Guide

in Social Security | tagged: Social Security Social Security Reference Guide

Social Security encompasses retirement benefits, disability benefits, and is intertwined with Medicare benefits. This guide focuses on Social Security retirement benefits, the most common association of the term Social Security. There are currently more than 50 million people receiving Social Security retirement benefits (i.e., Old Age and Survivor Insurance or OASI). Social Security Employment Tax While you are working, you and your employer each pay 6.2% (7.65% each including Medicare). Social Security taxes are paid on the first $128,400 of income (2018). Minimum Eligibility Requirements In order to qualify for...

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10 Jan Off

Special Needs trusts - elder law center of Wisconsin

Special Needs Trust: A Viable Option for Social Security Planning

in Social Security | tagged: Attorney Social Security Planning Special Needs Trust

The Special Needs Trust (also known as Supplemental Needs Trust) is created to transfer property or money to a person who has a serious disability. This trust is used to wisely manage the money for the person with disability. The trust allows a person with disability for maintaining the eligibility for the government benefits, primarily Supplemental Security Income (SSI) and Medicaid. Guidelines The guidelines of Special Needs Trust are complicated and dependent on various factors: Age of Disabled Person: If...

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24 Nov Off

Is Your Social Security Income Taxable?

in Social Security | tagged: Social Security Social Security Benefits Social Security Income Social Security Planning

Is your social security income taxable? Only a tax professional can give a good answer to this question. Being a tax professional, the answer to the above question is ‘maybe’, because the taxation of your social security income is entirely dependent on how much additional income you receive from other sources such as income from part-time work, self-employment income, income from pension and distributions from retirement accounts. Therefore, your social security benefits may be tax free or partially taxed. Social...

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