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July 6th, 2009, 07:08 AM #1
Tax and reportable income question
- Join Date
- July 3rd, 2009
I live in Chicago, IL.
53, receiving SSDI.
How much will my earnings affect my Social Security status?
How much (about) can I make before affecting my monthly check?
How much will I be taxed?
How to report it? (1099)?
I'm getting about $1,000.00 per month from SS. I worked as a freelance photographer for many years so I am only getting that amount.
Since I'm just starting up I need to know If i'm going to get my monthly payments cut down or eliminated before I have enough time to get this thing off the ground, running, and making enough money.
I know all of these questions can not be answered with exact amounts. All I looking for right now is a ballpark estimate. Maybe a range like "you generally can make ? a percentage of your mouthy income".
Also, what about this right to work program SS has? Do you know anything about it? Would that apply here?
Anything, any advice would be helpful.
July 6th, 2009, 08:04 AM #2
- Join Date
- May 14th, 2009
Social Security Administration is your best resource with these types of questions. Give them a call and I am sure they will help.
July 6th, 2009, 08:16 AM #3
Floyd, even if you end up with the same amount of money at the end of the month, wouldn't you feel much better about earning that money rather than taking it out of someone else's pocket?
July 6th, 2009, 09:50 AM #4Originally Posted by IAmMe
It is EXTREMELY DIFFICULT to qualify for Social Security Disability and if someone is receiving it, it means they have a serious medical problem and I salute someone trying to earn a living despite their handicap.
pfloyd2u - You really do need to obtain a definite answer, as there are different rules for SS Retirement and SS Disability benefits. You can earn an income and receive Retirement benefits at the same time, but I'm no so sure about that with disability benefits.
July 6th, 2009, 09:56 AM #5
Disability benefits help people that can't earn a living, due to a disability..
If Floyd is able to earn a living, despite his disability, shouldn't he stop his disability benefits?? Not for the sake of the country, but for his own pride.
July 6th, 2009, 10:15 AM #6
"Earning a Living" and starting to eke out a few dollars with a new internet business are two vastly different things.
Floyd, I looked it up. Under current rules, you can earn up to $980 per month and retain SSDI benefits, but I could not quickly find a definite answer as to a reduction in benefits. There is more information here and here.
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