Rick Merrill wrote:
- quote -

Welll... now.... I don't know about that.

On another board someone posted the maximum ss monthly
benefit amounts, something like 2,100$+ or so? Which
means about 25,000$ per year.

Now, if a married man with no other income but this 25,000$
were filing separately (cause he has to cause his wife is
also filing separately), would not some of that wind up
being taxable?

Let's see now, 25,000 on the SS worksheet.... lived with
wife at any time during the year, stop and (immediately)
multiply by 85% to line 16, then another 85% to bottom line;
taxable = 9,031$. 2004 standard deduction plus exemption
(under 65) = 7950$. Appears so.

Or did I do the math wrong?

ChEAr$,
Harlan Lunsford, EA n LA
Wed 23 Feb 2005

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D. Stussy wrote:
- quote -

Here's an irony: you work all your life contributing from
your "earnings" toward SS and they send you a 1099; But win
some money from Gambling on the lottery and they send you a
W2G - as if you just "earned" it ! - )

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thanks to everyone for this information...

--
jtc - jtamchay[at]yahoo.com

"Bill" <an_ordinary_guy_158[at]hotmail.com> wrote:
- quote -


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jtc wrote:

- quote -

No. They send you a 1099-SSA.

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jtc wrote:

- quote -

You should have received a form "SSA-1099" (not a W2) which
you can report on line 20a of 1040 ... but if that is your
ONLY income you do not need to report it, because none of it
is taxable.

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"jtc" <jtamchay[at]yahoo.com> wrote:

- quote -

I'm not familiar with Minnesota income tax.

On the federal level, generally you would not have to file a
federal return if your only income is Social Security
benefits.

- quote -

The Social Security Administration issues recipients a Form
1099.

--
D.F. Manno
dfm2a3l0t2[at]spymac.com
"The work goes on, the cause endures, the hope still lives
and the dream will never die."

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jtamchay[at]yahoo.com (jtc) wrote:

- quote -

In answering the main question, I forgot to answer the
second question: The Social Security Administration should
send every recipient (and does, to the best of my knowledge)
an SSA-1099, which reports the total of SS payments during
the preceding year.

Bill

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"jtc" <jtamchay[at]yahoo.com> wrote:

- quote -

It sends a Form 1099-G. If it's your only income, you
probably don't need to file a return. But remember that if
you have some other non-taxable income, like municipal
bonds, you will need to calculate if some of the social
security income becomes taxable.

--
Tom Healy, CPA
Boulder, CO
Web: http://www.tomhealycpa.com

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"jtc" <jtamchay[at]yahoo.com> wrote:

- quote -

Federal no. MN I doubt it, but check the state instructions.

- quote -

They send a 1099. The back of it gives you tax information.

--
Phil Marti
Clarksburg, MD

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jtamchay[at]yahoo.com (jtc) wrote:

- quote -

SS is not considered when the determination is made whether
you should file a tax return. If your "other than SS"
income is nil, zero, zilch, then no return is necessary.

On the other hand, if the question is whether you can be
claimed as a dependent, then SS must be considered as _your_
contribution toward the cost of maintaining a home.

Most states tie their forms to the federal return; however,
they may have different policies when it comes to taxation
of SS. I have no knowledge of MN state income tax regs.

Bill

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I am confused. If SS is your only income is it necessary to
file Federal or MN state income taxes? Does the SS
department send you a W2 just like an employer? thanks

--
jtc
jtamchay[at]yahoo.com

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