Sentences with phrase «excess social security taxes»

What are «excess Social Security taxes» and how do some taxpayers get a refund of those taxes?

By Jason Dinesen 2018-01-24T09:26:46 +00:00 March 28th, 2018 Categories: Potpourri of Tax Topics Tags: Excess Social Security Taxes, Social Security Tax, Tax Credits

You get back excess social security taxes withheld when you file your tax return, line 69 (for the 2012 form 1040) is where you enter this.

Not exact matches

On the other hand, retirees who rely on some combination of Social Security, retirement account income and public pension income may have a larger tax bill, especially if they have income in excess of $ 30,000 per year.

The Social Security trust fund is a surplus account; while that excess money will be depleted by 2034, the Social Security program will still be funded with payroll taxes on working Americans.

Consider that the «sweeping» of all those excess regressive payroll taxes people have been paying since 1983 to «Save Social Security» into the federal general fund is the biggest sweep of all.

Income in excess of $ 128,400 from one employer in that tax year should not have Social Security taken out of your check.

Dividends, capital gains, withdrawals from IRAs in excess of the required minimum distribution, Roth IRA conversions, and even interest from municipal bonds can increase the amount of Social Security benefits that are taxed.

Income tax withheld from information return statements (W - 2s, 1099s, etc.); Estimated tax payments made; Amounts paid by extensions and Excess Social Security and RRTA payments; certain other payments.

In addition, a person needs to file an income tax return if she sold her home during the tax year; owes taxes because of a retirement account from distributions or excess contributions; or owes Social Security and Medicare taxes on tips not reported to an employer or on wages for which the employer did not withhold taxes.

The Social Security trust fund is a surplus account; while that excess money will be depleted by 2034, the Social Security program will still be funded with payroll taxes on working Americans.

The Social Security Board of Trustees» 2016 report suggests that, by 2020, we'll begin to see more benefits paid than revenue brought in via payroll taxes, interest earned on excess cash, and the taxation of benefits, combined.

If you have excess withholding of social security tax for this reason, you can get it back in the form of a credit on your income tax return for that year.

On the other hand, retirees who rely on some combination of Social Security, retirement account income and public pension income may have a larger tax bill, especially if they have income in excess of $ 30,000 per year.