Question: Both my husband and I receive Social Security Retirement benefits and we are both working part time.  Do we have to pay Income taxes on our Social Security Benefits?

 

Answer: You will have to pay taxes on your Social Security Benefits if you file a joint income tax return and your combined total income is more than $37,000.  For more information about any taxes you owe call the Internal Revenue Service’s toll free number 1-800-829-3676.  Do not call the Social Security office.

 

Question:  My wife who has worked and paid Social Security tax has been notified that she will receive Social Security Disability benefits.  Will she be entitled to Medicare Part A Hospital and Part B Medical Coverage?

 

Answer: Yes.  If she receives Social Security Disability benefits for 24 months she qualifies for Medicare Part A and Part B insurances coverage.  In 2008 the basic Medicare par B Premium is $96.40 a month and will be deducted from her check.  She will receive a “Medicare and You handbook” that will explain the Medicare program.

 

Question: I received Social Security Retirement benefits in 2007 and was told when I filed for benefits that I would receive a Form 1099 in January 2008 from Social Security telling me the amount I had been paid and the amount of the Medicare Part B deducted from my Check.  To date I have not received this 1099.  What should I do?

 

Answer: The Social Security Administration has mailed 1099’s to beneficiates for 2007, wait until after February 15 and call Social Security at 1-800-772-1213.  Have your claim number by the phone when you call. Request your 1099 for 2007.  Be sure you have the representative check and your mailing address.  Most delays in receiving the form 1099 are because Social Security does not have the correct mailing address for the recipients.

 

Question:  I read in my newspaper’s “Letters to the Editor: that coworkers pay Social Security tac on gross wages or net self employment income up to $97,500.  Does this figure stay the same every year?

 

Answer:  No, This figure does not stay the same every year.  The figure you read of $97,500 was the maximum taxable earnings for the Social security funds for 2007.  In 2008 the maximum taxable earnings is $102,000.  This is 6.2% of the 7.65% deductible from your wages.  Workers warning $102,000 or more continue to have 1.45% deducted from their wages.  This is for the Medicare Part A Hospital fund.  There is no limit on the amount of wages subject to the 1.45% tax. 

 

Question:  How many years will I have to pay Social Security tax on my wages to receive the maximum Retirement benefit at full retirement age?

 

Answer:  to receive the maximum Social Security Retirement at full retirement age you will need to have paid tax on the maximum taxable earnings for the last 35 years.

 

Question:  How old do I have to be this year, 2008, to receive my full Social Security retirement benefit?

 

Answer:  In 2008 you will need to be 65 and 10months old to receive full retirement benefits.  If your year of birth is 1943 through 1954 you will need to be 66 years old.  Then for those born 1955 and later there will again be a yearly increase of 2 months each year to 1960 when the retirement age reaches age 67.  However you can still file at age 62 and receive a reduced benefit.

 

Question:  My mother who has Medicare Part A and B has been in the hospital and was transferred to a skilled nursing facility.  We have now been told by the facility and suggests she be transferred to a nursing home.  We have been told that Medicare does not cover long term care or custodial care usually referred to as nursing home care.  Is this correct?

 

Answer:  Yes.  Medicare does not pay for nursing home care.  You can contact your state department of Health and Human services for information about possible help with these expenses.  The Administrator of the Skilled Nursing Facility or at a nursing home can assist you in securing information about how to file for help.  This program may be referred to a Medicaid and varies from state to state.  People with limited income and resources may qualify for this program.

 

Question:  I will be 62 in July of 2008 and plan to file for reduced Retirement Social Security Benefits.  Will I receive a check for the month of July?

 

Answer: You must be 62 years old the entire month to receive a check for the month of July.  If you were born on the 1st or 2nd day of the month you attain your age,. 62, the day before and would be 62 the entire month.  Then you would receive a check for the month of July.  If you were born on the 3rd day of the month or later you will receive a check for the month of August 2008 and it will be paid to you in September 2008.