Do You Have Any Recommendations About Software To Help Us Develop A Roth Conversion Strategy?
We are former subscribers and used your software to good effect in our SS decision making. Now that we are past 70 and retired, we need to create a Roth conversion strategy.
The bulk of our assets are in conventional IRAs and a 401k, but we've converted a small amount into Roth IRAs. The question is whether to continue to make conversions (and how much) as we will start receiving RMDs in 2024.
Do you have any recommendations about a) software to help us develop our own Roth conversion strategy or b) what kind of planner or consultant would assist us in developing a . . . Read More
Category: Miscellaneous
Posted: Jan 11 2023 - 4:02pm
Does It Sound Right That I Was Denied Widow's Benefits?
My husband passed away in May. He would’ve been 65 last November I applied for Social Security widows benefits , are children are grown. I still work, but don’t make as much money as he did. I plan to work another couple of years as I am 65 as well. My question is after I applied, I was denied because of the amount of money that I make. It’s not a lot of money it’s under 75,000 just doesn’t seem fair since he worked all his life and now I’m left with out half of. Does this sound right?
Hi. I'm sorry for your loss. More than likely your claim for widow's . . . Read More
Category: Earnings Test
Posted: Jan 11 2023 - 3:37pm
Why Did My Part B Medicare Premium Rate Double This Month?
Good morning Larry, I am 70 years old and been collecting SS for some time. Can you tell me why my medical insurance premium for Part B doubled this month? It went from 170.10 in December 2022 to $329.70 in January 2023. I understand the new medical insurance premium for Part B should be $164.90 no??
Hi. Most likely your Part B premium went up due to the amount of income you reported on your 2020 or 2021 tax returns. The standard monthly Part B premium rate for 2023 is $164.90, but they can be higher than that depending on a person's income level. This is . . . Read More
Category: Medicare
Posted: Jan 11 2023 - 3:27pm
What Do I Do About Social Security Withholding Medicare Premiums That I've Already Paid?
Began Medicare December 2022, Social Security January 2023. Was billed in November $510.30 by CMS for premiums, which I paid. Now I have received letter stating $324.60 is being deducted for past-due premiums plus $164.90 for medical premiums from this payment. What do I do?
Hi. You shouldn't need to do anything. You can't prevent the Part B premiums from being deducted from your Social Security benefits, but any premium overpayment should automatically be refunded to you. In my experience such premium overpayments were normally refunded within 60 days, . . . Read More
Category: Medicare
Posted: Jan 11 2023 - 3:21pm
Does The Fact That My Husband Started Out Collecting SSDI Affect Our Best Strategy?
My husband began receiving SSDI benefits at age 64, and those disability benefits automatically converted to retirement benefits at his full retirement age last fall. MaxiFi recommends he suspend his retirement benefit now and reinstate it at age 70. There doesn’t appear to be a way to tell MaxiFi that he started his benefits with SSDI. When it comes to the suspension strategy, does that detail matter? That’s my first question. My second question is what happens if he dies during the suspension? Our concern is that if he dies while not receiving benefits, there will be no . . . Read More
Category: Filing Strategies
Posted: Jan 11 2023 - 3:09pm
Will The Back Pay I Just Received Be Taxed For 2021?
I just received retroactive Social Security benefits as of Jan 2023
Will this be taxed for 2021?
Hi. No. Social Security benefits are taxable for the year in which they are paid, not the year for which the benefits were payable. So, any benefits you receive in 2023 would be reported on your 2023 tax return, regardless of what year the benefits were actually due.
Best, Jerry
Category: Taxation Of Benefits
Posted: Jan 10 2023 - 2:43pm
Why Was My Sister's Benefit Amount Cut?
my sister lives right now in bosnia and hercegovina and she have social security after 65 and recently they asked her did she work anywhere before US and she said she did send them back paper she reciving about 150$ working 15 years in Bosnia and they cut her ss from 300$ to 180 after she said she worked before,i dont understend why?
thank you so much!Daniela and yes she is US citizen!
Hi. It sounds like your sister's U.S. benefits were reduced due to the Windfall Elimination Provision (WEP). If a person receives a pension that's based on their . . . Read More
Category: Benefit Amount
Posted: Jan 10 2023 - 11:00am
Will Receiving A Percentage Of My Ex-Husband's Pension Cause My Social Security Benefits To Be Reduced By WEP?
I was awarded 47% of my ex husbands pension in our divorce. Will my social security be reduced by wep?
Hi. No. Only pensions that are based on your OWN work and earnings can cause your Social Security benefits to be reduced due to the Windfall Elimination Provision (WEP).
Best, Jerry
Category: Non-Covered Pension - WEP / GPO
Posted: Jan 9 2023 - 6:35pm
What Date Do You Think I Should Allege As My Disability Onset Date?
On my application, I listed my onset date as 3-18-22. This was the day after I was fired from my last job due to too many absences due to my conditions. However, I believe I should have put an onset date of 4-18-20. All work after this date are failed work attempts (I think; please correct me if I’m wrong). Please see below:
July 2019 - April 2020 (SGA) - worked at a vet clinic
- April 18,2020 - May 2020 - stopped working due to hospitalization & residential treatment
August 2020-September 2020 - worked at the same vet clinic
- September 2020 - . . . Read More
Category: Disability Benefits
Posted: Jan 9 2023 - 5:58pm
Is Social Security Correct?
My husband filed for Social Security Benefits in early 2021. He reached FRA in 2020. He received 6 payments (Mar – Aug). We found that we did not need the money and were told by SSA that he could suspend payments since he was within the first year of applying. We were advised that this was allowed one time and that when he decided to reinstate payments, he would also be taking advantage of delayed retirement credits. In Oct 2022, he called SSA and told them he was ready to start payments again. The lady he spoke with said it would take a month or more to process. However, one . . . Read More
Category: Suspending Retirement Benefits
Posted: Jan 9 2023 - 10:54am