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Your Money, Your Wealth

Strategies for Social Security, Gifting, and Estimated Taxes - 229

Your Money, Your Wealth

Your Money, Your Wealth

Realestate, Income, Investing, Personalfinance, 401k, Rothconversion, Retirement, Education, Taxes, Socialsecurity, Personalfinances, Finance, Retirementplanning, Investments, Stocks, Business, Roth, Fiduciary, Ira

2.3681 Ratings

🗓️ 9 July 2019

⏱️ 44 minutes

🧾️ Download transcript

Summary

Joe Anderson, CFP® and Big Al Clopine, CPA answer your questions on Social Security disability, the file and suspend strategy, IRA contributions and Roth conversions, estimated tax, estate tax, gift tax, Social Security tax, the qualified business income deduction, selling appreciated stock, and whatever else they can jam in. Transcript & show notes: http://bit.ly/YMYW-229

Transcript

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0:00.0

Today on Your Money, your We've got no time for a guest because Joe Anderson's CFP and Big Al Clopine CPA are answering a whole slew of your emails, voice messages, and money questions.

0:10.8

They're talking Social Security Disability, filing and suspending IRA contributions and Roth conversions, estimated tax, estate tax, gift tax, social social security tax the qualified business income deduction

0:22.0

Selling appreciated stock and whatever else we can jam in there and some of the questions the

0:27.3

fellas might even answer correctly if you've got a money question or comment go to your

0:31.7

money your wealth.com scroll down the page to ask joe and al on air and send in your email or voice message, just like Kenneth did.

0:39.4

We got one, Al.

0:40.6

We did.

0:41.1

Good morning to Al and Joe.

0:43.0

A question.

0:44.1

I recently received a two-and-a-half-year backpack check from Social Security disability.

0:49.9

The question is, will I have to pay taxes on this next year?

0:53.8

And how would it be taxed?

0:55.7

Will it be taxed on the yearly average pay?

0:59.0

If it has to be taxed, how will it be taxed?

1:01.5

And do I have to pay taxes on a back paycheck for Social Security disability?

1:07.0

And does receiving a pension, a CalPERS pension, affects my taxes for both state and federal

1:14.3

or my Social Security disability back paycheck?

1:18.6

Thank you.

1:19.6

All right.

1:21.6

Kenneth.

1:22.6

So if I understand this, so he received a two and a half year payback check.

1:31.5

So he filed for Social Security disability.

...

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