Whether you are hosts of retirement or in your early work in years, there is a step that you need to take today. It really can't wait. If you ignore it, it could cost you thousands of dollars in missed Social Security benefits. And it's just a little step that will take less than five minutes. So hang on for just a second, I'm gonna tell you what this mistake is and the steps you need to take today to avoid it. And if it's already happened, how to fix it as well. - Music, hey everyone! I'm Devin Carroll and on this channel, I'll write down on social security and make it easy to understand. If you're new here, consider subscribing and then click that Bell. That way you'll be notified every time I come out with another helpful video. Also, stay tuned and to the end of this video and I'm going to tell you how to get the blueprint version of my book for free. And seriously, it's free, completely free. But first, let's dive into this video because that's what you're here to see. - So what is this little step that you can take that may help you to avoid a big reduction in your social security benefits? Well, it's a mistake in your Social Security earnings record. Now, this earnings record is a history of your lifetime earnings that will be used for the purpose of calculating your Social Security benefit. If your Social Security earnings have been recorded incorrectly or worse not at all, it could make a big difference in your benefit amount. - So, why is this such a big deal? Well, it all goes back to how your benefit is calculated. The Social Security Administration uses your highest 35 years...
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Social security benefits worksheet lines 5a and 5b Form: What You Should Know
Lines 1 to 5b SS payment was 800 or less. Enter an “X” for each line in brackets. If the “X” is 0, you received a sub-amount SS payment greater than 800. Yes, you had to pay an income tax or FICA What is the difference between Line 5a Social Security and Line 5b of the 2 Social Security Worksheet_Layout 2 Social Security Worksheet_Layout 1 1040 Line 3a: If your total SS payment(including income tax or social security tax) is 800 or less, enter an “X” for Box 5. Then enter a zero in the box to the right of Line 3a. Enter line A for the social security tax you paid. This tax is in addition to any income tax you have to pay. Line 3b: Enter an “X” in the box to the right of box 5. Line 9a: If you had a payment of 800 or less on all of your taxable income during the year, enter the amount in the box next to box 8 and a zero in the box to the left of Line 9b. Enter line A for the tax you paid. Line 9b: if your total SS payment(including income tax or social security tax) is 800 or less you use the box to the right of box 5. Enter an “X” for Box 5. Then enter a zero in the box next to line 9b. Enter line B for the social security tax you paid. This tax is in addition to any SS tax you paid. 10b Note: If you are married filing jointly or a domestic 11-01-18 Line 9a: If your total SS payment(including income tax or social security tax) is 800 or less 10b. If your total SS payment(including income tax, or What is the difference between Schedule A Line 1 and Schedule M Line 1? Line 1: If you use line A to figure your modified income tax (Form 1040A), 12-01-18 Line 2a: Enter the total of Line 1 and “X” on Line 7.
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