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People who receive SSI but not another Social Security-administered benefit typically get their payment on the first of the month. October SSI payments will arrive on schedule on Nov. 1. However, Dec. 1 falls on a Sunday this year and Social Security does not make payments on weekends, so November SSI benefits will be paid on the closest ...
Beneficiaries with incomes above $25,000 for a single taxpayer and $32,000 for a couple filing jointly may be liable for federal taxes on up to 85 percent of their Social Security income. As with work income, you can have federal taxes withheld from your monthly Social Security payment so you don’t have to pay it all at tax time.
That’s because Social Security pays benefits a month behind, so your benefit for, say, June 2023 will arrive in July. Your birthday generally determines your monthly payment schedule : If the birthday is between the first and the 10th day of the month, the benefit payment arrives on the second Wednesday of each month.
Social Security recalculates your benefit annually, adjusting for inflation and figuring in the previous year’s income. If your previous year’s income ranks in your top 35 years of earnings, Social Security will shove aside a lower-earning year. That means your average monthly earnings figure will go up.
That calculation is based on the average monthly income from the 35 best-paid years of your working life (as indexed for historical U.S. wage trends, a process akin to adjusting for inflation). If your recent earnings make the top 35, it will increase the monthly average and your benefit payment.
Your Social Security benefit also depends on how old you are when you begin receiving it. You can start collecting at the minimum retirement age of 62, but you’ll get a bigger monthly payment if you wait until full retirement age, which is between 66 and 67, depending on your year of birth. (It will settle at 67 for people born in 1960 or later.)
Find clear answers on how Social Security works and how your benefits are calculated. Get expert advice on maximizing your monthly check, filing a disability claim and pursuing your rights as a divorced spouse or survivor.
The IRS reversed an earlier decision and now says it will look at “1099” benefit statements (Form SSA-1099 and Form RRB-1099) to get the information it needs to send out the $1,200 payments automatically in the same manner monthly benefits are received. The vast majority of Social Security recipients receive monthly benefits by direct deposit.
With SSI, the start of payments is tied to your application date, not your onset date. And SSI has no waiting period, so your back pay will be calculated differently than for an SSDI claim. Also, if your past-due SSI is more than three times the program's maximum monthly payment ($943 in 2024), you won't get it in a lump sum.
In 2024, beneficiaries who will not reach FRA until a later year have $1 withheld from their Social Security payment for every $2 in work income above $22,320 (up from $21,240 in 2023). For example, if you have a $40,000 job, your benefits for the year would be reduced by $8,840 — half the difference between $22,320 and $40,000.