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Пікірлер
@TheK9Shepherd Ай бұрын
How is SS taxed on a dependant? I will be collecting at 62 when my child is 11. So for 8 years my child will collect 50% of my FRA (she'll be in HS when she's 19) Question. Does my child basically submit a tax return at the age of 11 every April?
@roberthall6161 3 ай бұрын
O J Simpson
@ga9148 3 ай бұрын
At what point do you justify where you applied the money? Is it just filed on your tax return?
@Alberto-c2r8g 4 ай бұрын
I will be 62 years of age and I have an 11-year-old child and 9 year old child will they get the benefits and do they need to pay those back I heard that I need a bank account for them can you explain a little bit what I need to do or who do I need to call to find out these questions thank you very much😊
@TheK9Shepherd Ай бұрын
SS has a publication that outlines what you need to do (I can't remember which one it is). The child has to have an account solely in their name and you only as a custodian. Not a joint account or anything like that. Most banks know what these accounts are for. I called Chase and they are aware of what the child needs. Right when you start collecting, Chase will then create the account (you can't do that ahead of time like a year or so before the receive benefits) That way, nothing will be needed to be paid back. If you had the money deposited in your account, there is still a possibility that you don't need to pay anything back. But there are specific caveats. 1) If these children live with you full time (not divorced) You won't need to track expenses. the monies could be deposited in your account. If you decide to use your own account, I would track expenses thoroughly (keeping all receipts) 2) If you are divorced and they do NOT live with you full time, then you will need to track expenses (keep all receipts) in case SS comes back and wants to see what you've spent the money on. I would still go with getting the chile their OWN account and you being the custodian. That way there isn't any chance SS could come back and ask for money back. The reason they want money back is because the money is for the child. They want to see what money was spent on. I don't even think you can say "well, we are saving it for college" If you are doing that, then open a 529 and have the kid start saving)
@nivoonairam8950 7 ай бұрын
Yes, you can use it for room & board
@kwaichangcaine8234 7 ай бұрын
Thank you sir
@irisechavez7048 7 ай бұрын
Can my son eligible for stepchild benefits from my late husband? My husband is an ssa monthly retirement beneficiary. My husband passed away last year.
@NyieshaHeadley 7 ай бұрын
Is adding someone to my deed considered a gift tax?
@gilliandale4854 8 ай бұрын
So does this mean you can NOT have this type of annuity under an IRA?
@jerrylockhart3069 9 ай бұрын
❤😊
@mrbigcat9 9 ай бұрын
So, the first gift below that annual year exemption to a person does not require a Form 709 but future gifts to that same person below the annual exemption does? Are you sure?
@karentraceymoore7415 10 ай бұрын
where is your about page?!!?!?!Money in the bank when we know more about you!😊 Don't forget your credentials; invest in getting a quality mic and damper the echo; KZbin has spoiled us; people will wander.
@BMDSNYH Жыл бұрын
Do these same rules apply to a self-directed Solo Roth 401k? Meaning that I can bypass the penalty fee but my Roth 401k earnings would be subject to ordinary income taxes?
@bernaditasahilan3463 Жыл бұрын
Is 401k in Maryland protected? I’m suing my husband for knowingly infected me with his herpes.
@mikevinitsky8506 Жыл бұрын
For the chart that goes by state that says whether a creditor can seize an ira and roth ira, does it have to do with the state the defendant lives in or where the court case took place? For example the defendant lives in one state and gets into a car accident in another state.
@Harry-lq5hu Жыл бұрын
How would a person on SSI, Whom, is renewing their medicaid at the age of 57 Calculate their RMD ?
@missouri6014 Жыл бұрын
Excellent! Thank you very much
@ampiciline Жыл бұрын
wrong information at ( 4:02) : this rule 72 t CAN be use for TSP account too which is called life expectancy withdrawal ( different name of 72 t )
@ntxhaispaaj Жыл бұрын
What evidence does SSA need for proof of half of income support for parent dependents?
@TheK9Shepherd 10 ай бұрын
They need to apply at the SS office for this benefit. SS office will require a birth certificate, that should be it. If it's just a simple minor under the age of 18 and you are receiving retirement benefits. Also your kid gets up to 50% of your FRA at 67 Even if you start receiving SS at the age of 62, they get 50% of what you'd get at 67. I also heard something else that'll have to be verified. The Gov can ask for the entire amount back when the child stops receiving the benefit. I believe it has to do with where that money gets deposited. The child must "own" the account 100% The parent can be the "custodian" of the account. But if you are having their SS deposited into the parents account or even just a joint account, the Gov can get that money back (legally) But verify that info. Could be for disabled children only? not sure. But it's simple to just get an account owned by the child and you are custodian @@@@@. CORRECTION The IRS can ask for any of the unspent money back if it’s not in the correctly named bank account
@andytan9238 Жыл бұрын
Do I have to file form 709 at the same time when I file the 1040?
@BrilloHead 4 ай бұрын
Only if you exceed the annual gift exclusion
@Nashville_ Жыл бұрын
Why not show how to fill out the form, line by line?
@ayannatnisha1669 Жыл бұрын
Very helpful thank you!!😊
@JB-zj1ik Жыл бұрын
Please include a video of filling out form 709
@kurpal8904 Жыл бұрын
Can I ask how do you get the numbers for line 4?
@RCRoads Жыл бұрын
You talked about IRA'a and 401k's. I have heard the SSI cant be taken by a creditor but what about a retirement pension paid to you on a monthly basis?
@HouseOfSykes Жыл бұрын
If I’ve given gifts to multiple Individuals do I need to fill out this form
@BrilloHead 4 ай бұрын
Don't exceed the annual gift exclusion for the year to that individual.
@kaisersouze41 2 жыл бұрын
Thank you for this video. I understand the retirement cost and taxes on an IRA withdrawal. Considering the extreme high cost of college that leaves many middle income families having to take out school loans (some cases Parent and Student loans). The manner in which school loans accrue interest should be downright illegal. I know many individuals who’ve paid student loans for years yet they have only put a small dent into their student loan principal. Withdrawing from an IRA and paying the taxes on it is a much better option than paying down student loans and interest for the time period needed.
@pathaley3364 2 жыл бұрын
If a person claims 50% of a spouse's SS benefit at full retirement for both, will the benefit increase to the larger amount when the claimant turns 70 years old?
@michaelcorso4175 2 жыл бұрын
What if the money is returned in the same tax year? For example help with a down payment on a new house that is repaid after the sale of an old house.
@winstondillon6636 2 жыл бұрын
😥 𝓅𝓇o𝓂o𝓈𝓂
@kathleenobrien366 2 жыл бұрын
Hello Carlin Financial Group - thank you for this video! I do have one comment - I believe that room and board IS allowable, as long as the student is enrolled more than half-time. If I am missing anything, though, please correct me! Thanks again for making this.
@jerrybeirnemusic Жыл бұрын
you are correct and he is incorrect. you can also include monthly payments to service your kids' loans, you just can't pay them off right out.
@Joel-lr8to 2 жыл бұрын
PЯӨMӨƧM
@ksr622002 2 жыл бұрын
So If I give a gift for 50 dollars than it has to be claimed? Unreal
@plainerik2106 2 жыл бұрын
Gifts less that the annual gift exclusion do not need to be reported. For 2021 the annual gift exclusion is $15,000.
@Nashville_ Жыл бұрын
Then not than
@NoteConference 2 жыл бұрын
I just subscribed thanks!
@bryancrowe8152 2 жыл бұрын
JOE BIDEN's bill to tax social security!
@TMoody 2 жыл бұрын
Sigh....
@budblower2794 2 жыл бұрын
Good presentation, thanks. Does the form 709 need to be filed in conjunction with the Federal Return, or can it be done separately, post Federal Filing, but prior April 15? Thanks
@the92r 2 жыл бұрын
i asked that same question somewhere else and it is separate
@budblower2794 2 жыл бұрын
@@the92r thanks, I did see that after posting question. I see it is a separate entity and not tied to filing of normal 1040 Federal Return.
@richardnowel4838 2 жыл бұрын
Thanks for this insightful video, this is brilliant and quite captivating as well! for me i Invest my money in forex and it has really been favorable to me this season ever since I was recommended, I make good rewards from my investment on a weekly basis best regards to Harris Stewart mentorship/guidance..
@rose-nc5jv 2 жыл бұрын
My sister is 61 as of now she hurt her back what advice could you give her she has a second job too she can't work job one
@juangarcia8828 2 жыл бұрын
American seniors are so greedy. Is Social Security just a big money grab? People on Federal welfare programs like SS, should be grateful, not greedy.
@walterknox5953 2 жыл бұрын
5:34 You can thank me later.
@samwelgachacha800 2 жыл бұрын
Can you file only ss tax only
@tomblevins5020 2 жыл бұрын
Retirement is no joke. This video should be removed.
@robertstevens2030 2 жыл бұрын
Wait until you ar 70 to begin collecting your Federal welfare benefit. This who take SS at 62 will regret it.
@ghostofmanitou6864 2 жыл бұрын
I don't know how people retire that early unless you have multiple millions saved up. Decent healthcare insurance alone would eat up most of the earnings on a million dollars in a 401K if you're doing a 3.5-4% draw down. I could see if you earn a high income and you started investing heavily from the time you were 21, then it might be doable. For the vast majority of people though the key is to get into a field that you actually enjoy so you're not trying to bail at 50 years old.
@beckytanner4020 2 жыл бұрын
Retiring early is possible but tough, it definitely requires discipline and big sacrifices. It’s not only about saving, the huge step is boosting earning capacity. I’m glad I got into stocks and recently purchased my first NFT.
@natashawalton8545 2 жыл бұрын
Stocks is no doubt one of the simplest forms of generating passive income.
@noelstout3056 2 жыл бұрын
@Joe Robert I’m aware of Dan Raziel, how long has he been handling all these investments and how profitable has he been?
@noelstout3056 2 жыл бұрын
@Joe Robert this is way more than I anticipated! That’s a good thing you’ve got going on.
@tgs1766 2 жыл бұрын
NFTs are worthless. You got scammed.
@randomcomment262 2 жыл бұрын
You lost me at NFT
@f430ferrari5 2 жыл бұрын
“Early retirement”. So many talk about it and say they done it but never mention anything about medical coverage. Do people even realize Obama Care is about selfish people who want to ride off the backs of people who continue to work and have their insurance premiums subsidized but yet must pay higher premiums for the lazy folks out there. The only folks who can early retire are those who worked for a governmental entity who’s insurance is covered. They often receive a pension also. Good for them. Some pensions are outrageous though and they are simply robbing the taxpayers.
@tylerswan491 2 жыл бұрын
I can “retire” at 50 and live on my cash until 59 and then take out all that retirement money without penalty?
@tonyc2761 2 жыл бұрын
I retired at 55, 9 years ago, with a pension. 👍
@stevemlejnek7073 2 жыл бұрын
Tried 3 different times to watch your 60 minute masters academy. No audio.