Will lose health insurance soon. Need to be able to pay for Medicare/Medigap or Cobra.
I have been on SSDI and have not filed taxes in years. (Half the SSDI income plus other income still too low to be taxable).
I am planning to take my pension benefits early. eg ~ $400/month. Disabled/under 65. Will need that income to help pay for the increased insurance premiums.
That added amount not enough to make my SSDI taxable. (I hope).
But - I would be required to pay taxes on the pension income? FICA/withholding?
Thanks. To add: Assuming the pension income is taxable - how is the rate calculated?
Posted by poppy (Member # 5355) on :
maybe you should check into sources of free tax help, like AARP, etc.
Posted by Lymetoo (Member # 743) on :
Yes, I think you do need to pay taxes on it. I don't think you have to do FICA.
Posted by lymednva (Member # 9098) on :
FICA is only on earned income, not pensions. You paid it on the money when you earned it. My pensions are low because the state decided I was still able to teach school, even though I was on SSDI and LTD. I have enough deductions that I have not had to pay taxes on pension income.