Entering SSDI Disability payments

Submitted by W0J1E201 on Sun, 03/19/2017 - 09:47

Return to Question Forum

Tags:

How should I enter disability payments in ESPlanner. Just treat it as ordinary income? I believe the IRS taxes it to 85% of its value depending on other income sources.

Comments

W0J1E201

Sun, 03/19/2017 - 09:57

How should I enter disability

How should I enter disability payments in ESPlanner. Just treat it as ordinary income? I believe the IRS taxes it to 85% of its value depending on other income sources.

Log in to post comments

dan royer's picture

dan royer

Sun, 03/19/2017 - 10:23

Adding disability benefits to

Adding disability benefits to ESPlanner is on our to-do list.
You can use special receipts to model SSDI prior to FRA. Since disability benefits convert to a regular retirement benefit at FRA you can input them as on the Social Security tab.

Log in to post comments

W0J1E201

Sat, 04/01/2017 - 17:06

Dan thanks. Entering them on

Dan thanks. Entering them on the SSA tab worked out better than special receipts as I was able to then use that for spousal benefits. I just entered the amount my wife gets now and put a start date as of today.

Log in to post comments

Subscribe to RSS feed

Disclaimer: ESPlanner and all other products provided by Economic Security Planning, Inc. (referred to hereafter as "we" or "our") are educational calculators designed to give you some input in mapping out your financial future, but should not be acted upon as a complete financial plan. MaxiFi Planner and the creators of MaxiFi Planner and any derivative products are not certified, registered, authorized, or any other type of financial planners. ESPlanner and its derivative products are simply tools for helping you think through your economic futures. Any suggestions should be viewed as informative inputs into your own decision-making with respect to saving and the purchase of life insurance. ESPlanner and its derivative products provide neither economic, financial nor tax advice, which can only be delivered to you by authorized professionals. The Social Security benefit estimates produced by ESPlanner are just that -- estimates. Only the Social Security Administration can tell you precisely the benefits to which you will be eligible or are eligible and the amounts you will receive. The estimates provided here may differ from the correct amounts due to mistakes in our computer code of which we are unaware or because of legislated changes in Social Security provisions of which we are unaware or because of delays in our updating our computer code for changes in Social Security provisions. This material is not intended to provide legal, tax or investment advice, or to avoid penalties that may be imposed under U.S. Federal tax laws, nor is it intended as a complete discussion of the tax and legal issues surrounding retirement investing. You should contact your tax advisor to learn more about the rules that may affect individual situations.

Copyright © 2019, ESPlanner Inc. || Patent Number: US 6611807 B1

Design by Zymphonies