Home Page link  

SS Disability lump sum payment

  
Groups | Search | About
User Password
Register Now! Lost Password?

Taxes General Forum - Tax professionals meeting place and answers to queries. (Moderated)

 Post an article  get this group's latest topics as an RSS feed add this group's latest topics to your My MSN content add this group's latest topics to your My Yahoo content  add this group's latest topics to your Google content  YahooMyWeb Yahoo!  Google Google  Windows Live Favorites Windows Live  del.icio.us del.icio.us  digg digg  Add to Netscape Netscape
Subject Author Date
SS Disability lump sum payment Dick Adams 04-04-2007
Posted by Harlan Lunsford on April 9, 2007, 3:29 am
Please log in for more thread options
 Harlan Lunsford wrote:
> Moderator:
> What would I do without you, Harlan? I have already done
> #4. But for #3, why go to Woodlawn when I can bop into
> the IRS Office in Ball-a-mer with a reporter for the
> Noo Yawk Times in tow and do the same thing. When the IRS
> asks for a cite in support for my position, may I use your
> name?
>
> Of course, the Noo Yawk Times reporter will probaly contact
> you so he can include your address and phone number in his
> story. ROTFLMAO

Put him on notice then, that trespassers will be persecuted.
(shot)
grin

ChEAr$,
Harlan

Moderator:
I will tell him that and suggest I put a kiosk on public
property in front of your office with a sign stating "The
New York Times is here to interview brilliant taxpreparer."

<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

Posted by Seth Breidbart on April 5, 2007, 2:08 am
Please log in for more thread options
> In 2006, I got a lump sum 'catch-up' payment ($45K). Since
> I am a cash-basis taxpayer, my presumption is that this is
> all taxable in 2006. The CPA who has prepared my returns
> for the last ten years is of the same opinion. I believe
> the professional expression for this is "It sucks".
>
> Is there any nuance in the IRC that would allow me to amend
> 2004 and 2005 with some most of this money?

Is SS disability taxable in the first place? All of it?

Seth

<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

Posted by Phil Marti on April 9, 2007, 3:29 am
Please log in for more thread options

> Is SS disability taxable in the first place? All of it?

It's the same calculation as for SS retirement benefits.
Supplemental Security Income (SSI) is exempt.

--
Phil Marti
Clarksburg, MD

<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

Posted by Frederick Lorca on April 9, 2007, 3:29 am
Please log in for more thread options
> In 2006, I got a lump sum 'catch-up' payment ($45K). Since
> I am a cash-basis taxpayer, my presumption is that this is
> all taxable in 2006. The CPA who has prepared my returns
> for the last ten years is of the same opinion. I believe
> the professional expression for this is "It sucks".
>
> Is there any nuance in the IRC that would allow me to amend
> 2004 and 2005 with some most of this money?

You cannot amend the prior years but you compute your 2006
tax using the lump sum election (LSE). The LSE allows you
to figure the taxable portion of the lump sum based on the
respective years to which it applies. If 85% of it would
have been taxable in each of the prior years, the LSE won't
benefit you.

Frederick Lorca

<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

Similar ThreadsPosted
back taxes and lump sum disability payment April 2, 2007, 5:58 pm
Tax Implications of Early Retirement Lump Sum Payment??? January 20, 2008, 1:20 am
Retroactive Disability payment February 6, 2007, 10:17 pm
Questions and Advice on Lump-Sum distribution August 17, 2007, 12:07 am
Is it possible to deduct my son's disability? November 18, 2006, 11:48 pm
Company-paid disability January 23, 2007, 2:04 am
Taxable Disability Income March 14, 2007, 12:22 am
DISABILITY INCOME FROM SOCIAL SECURITY January 26, 2007, 11:52 pm
NJ Nonocc Disability Benefit Fund February 26, 2007, 12:54 am
Workman's Comp and Disability insurance March 12, 2007, 9:13 pm

Contact Us | Privacy Policy
This site is not affiliated with Intuit - makers of Quickbooks and Quicken software
This site is not affiliated with Sage Software - makers of Peachtree accounting software
XML SitemapXML Sitemap