Are Social Security Disability benefits taxed? To determine when the SSDI recipient should pay taxes on his or her benefits, the IRS adds one-half of a beneficiary’s yearly SSDI award to his or her adjusted gross income (including tax-exempt interest payments). This figure is compared to a “base amount,” and if it exceeds that base, then some of the beneficiary’s SSDI award will be taxed. For single people, or married people filing separately who have lived apart for the entire year, the base amount is $25,000. Married couples filing jointly have a base amount of $32,000, and a married person who is filing separately but lived with their spouse for even a limited time has a base amount of $0 (this is not a misprint). How much of the SSDI award will be taxed? We will address that question in tomorrow’s blog.
- Why Do Estate Plans Fail and Not Work as Intended? The Answer Lies Below …
- “Your Home, Your Deed, Your Legacy – Ensuring Stability in Baltimore City through Legal Services” co-authored by Olivia Holcombe
- Elville and Associates’ Principal Stephen R. Elville Partners with University of Maryland Autism Research Consortium for Nationwide Webinar Series and Panel Discussion
- The Future of Pro Bono in Maryland
- Elville and Associates Partners with Maryland ABLE to Offer Special Needs Planning Workshop to Harbour School at Annapolis Parents
- Lindsay V.R. Moss, Esq., Becomes Partner at Elville and Associates, P.C.
- A Guide for Making Room for Grief in Work & Life
- How One Thing Might Lead to Another
- How Will My Agent Know Where My Property Is – and How to Access It? The Maryland Fiduciary Access to Digital Assets Act, Digital Storage Options, Safe Deposit Boxes, and Good Old Fashioned Record-Keeping
- The Movement to Improve End-of-Life Health Care Planning