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The most frequently asked tax questions, answered by our network of licensed accountants.
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Are my excess foster care payments tax deductible ?
Asked Tuesday, January 02, 2001 by an anonymous userCPA Answer:
The amount of expenses in excess of any state agency reimbursements for caring for a foster child in your home is deductible as a chariable itemized deduction on IRS Schedule A.
Fair rental value of office used by Red Cross
Asked Tuesday, January 02, 2001 by an anonymous userCPA Answer:
You may not deduct the rental value of property you allow a charity to use without charge.
Social Security - Payment Website Planner
Asked Friday, December 29, 2000 by an anonymous userCPA Answer:
For most current and future retirees, the social security administration will average your 35 highest years of earnings. Years in which you have low earnings or no earnings may be counted to bring the total years of earnings up to 35.
The Social Security administration has a Benefits Planner which is located at http://www.ssa.gov. The planner is divided into 4 sections including retirement, disability, survivors and calculators. Employees can determine their own social security benefit by using the calculate section.
The Social Security administration has a Benefits Planner which is located at http://www.ssa.gov. The planner is divided into 4 sections including retirement, disability, survivors and calculators. Employees can determine their own social security benefit by using the calculate section.
Social Security - Deceased Spouse; and you are under age 60
Asked Friday, December 29, 2000 by an anonymous userCPA Answer:
Unless you are disabled, you are not eligible for monthly survivors benefits based on your husband's earnings record until you reach the age of 60.
At that age, your benefit would be about 71.5% of your husband's basic benefit amount.
If you wait until you reach your full retirement age, you will receive 100% of his amount. Disabled widows or widowers can receive benefits as early as age 50.
At that age, your benefit would be about 71.5% of your husband's basic benefit amount.
If you wait until you reach your full retirement age, you will receive 100% of his amount. Disabled widows or widowers can receive benefits as early as age 50.
Where can I get a list of the impairments that Social Security considers to be disabling ?
Asked Friday, December 29, 2000 by an anonymous userCPA Answer:
You can go to the SSA website at http://www.socialsecurity.gov/disability/professionals/bluebook/AdultListings.htm or get the SSA Publication.
Disability Evaluation Under Social Security (SSA Pub. No. 64-039) contains the medical criteria that Social Security uses to determine disability. It is intended primarily for physicians and other health professionals.
You can fax a request to the Social Security Administration Fax Number, 410-965-0696.
You can also write or call:Social Security Administration Public Information Distribution Center P.O. Box 17743 Baltimore, MD 21235-6401 Phone 410-965-0945.
Disability Evaluation Under Social Security (SSA Pub. No. 64-039) contains the medical criteria that Social Security uses to determine disability. It is intended primarily for physicians and other health professionals.
You can fax a request to the Social Security Administration Fax Number, 410-965-0696.
You can also write or call:Social Security Administration Public Information Distribution Center P.O. Box 17743 Baltimore, MD 21235-6401 Phone 410-965-0945.
Where can I get a list of the impairments that Social Security considers to be disabling ?
Asked Friday, December 29, 2000 by an anonymous userCPA Answer:
You can go to the SSA website at http://www.socialsecurity.gov/disability/professionals/bluebook/AdultListings.htm or get the SSA Publication.
Disability Evaluation Under Social Security (SSA Pub. No. 64-039) contains the medical criteria that Social Security uses to determine disability. It is intended primarily for physicians and other health professionals.
You can fax a request to the Social Security Administartion Fax Number, 410-965-0696. You can also write or call: Social Security Administration Public Information Distribution Center P.O. Box 17743 Baltimore, MD 21235-6401 Phone 410-965-0945.
Disability Evaluation Under Social Security (SSA Pub. No. 64-039) contains the medical criteria that Social Security uses to determine disability. It is intended primarily for physicians and other health professionals.
You can fax a request to the Social Security Administartion Fax Number, 410-965-0696. You can also write or call: Social Security Administration Public Information Distribution Center P.O. Box 17743 Baltimore, MD 21235-6401 Phone 410-965-0945.
If I am eligible for Social Security Disability benefits , am I also eligible for Medicare benefits ?
Asked Friday, December 29, 2000 by an anonymous userCPA Answer:
If you receive Social Security Disability benefits, you will become eligible for Medicare after the date Social Security decides your disability began. Speak to the Medicare Administration via e-mail at www.hcfa.gov. There also is a Medicare website at www.medicare.gov. for more details.
is there a time limit on how long I can receive social security Disability benefits ?
Asked Friday, December 29, 2000 by an anonymous userCPA Answer:
If you qualify, you will continue to receive your social security Disability benefits as long as your condition keeps you from working. Your case will be reviewed periodically to see if there has been any improvement in your condition and whether you are still eligible for benefits. If you are still disabled when you reach full retirement age, your disability benefit will be automatically converted to a retirement benefit of the same amount.
Social Security - Receiving payments and still working
Asked Friday, December 29, 2000 by an anonymous userCPA Answer:
If you work in a job that is covered by Social Security, you and your employer must pay the Social Security and Medicare taxes on your earnings even if you are already receiving Social Security benefits.
The same is true if you are self-employed. You are still subject to the Social Security and Medicare taxes on your net profit.
The same is true if you are self-employed. You are still subject to the Social Security and Medicare taxes on your net profit.
Social Security - Joint Claim
Asked Friday, December 29, 2000 by an anonymous userCPA Answer:
If you and your wife both worked and contributed to Social Security then you can each get your own benefits or she can get half the amount of yours, whichever is greater.
If your wife's own benefit is more than one half of your amount, you will each get your own benefit.,
If your wife's own benefit were less than half of yours she would receive her amount plus enough on your record to bring it up to the half amount.
If your wife's own benefit is more than one half of your amount, you will each get your own benefit.,
If your wife's own benefit were less than half of yours she would receive her amount plus enough on your record to bring it up to the half amount.