KEY POINTS
In most cases, funeral homes notify the government that a person
has passed away.If the person was receiving Social Security benefits, a payment
is not due for the month of their death.Survivor benefits may be available, depending on several
factors.
When a loved one receiving Social Security benefits passes away, you may wonder how the government knows to stop sending that monthly money.
Or, maybe there’s a surviving spouse or dependent who relied on
that income and wonders whether some sort of payment...
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Tag Archives: "Social Security"
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
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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24 Nov
Off

Is Your Social Security Income Taxable?
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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