Monday, October 19, 2015

Social Security Amounts for 2016

The Social Security Administration has announced the new amounts for 2016.  Due to the CPI index factors for this past year, the gross Social Security benefits do not have an increase for 2016.  Even though benefits do not change for 2016, some of the other limits do change.  Here is the information for 2016:
The amount of earnings subject to Social Security taxes remains at $118,500.
The amount of earnings required to be subjected to Social Security taxes in order to receive a quarter of coverage increases to $1,260 (up from $1,220 for 2015).
Earnings limitations for taxpayers who have not reached full retirement age (before having to repay Social Security benefits) remains at $15,720 ($1,310/month).
Earnings limitations for taxpayers who reach full retirement age in the current year (before having to repay Social Security benefits) remains at $41,880 ($3,490/month). (“Full retirement age” is age 66 for those born in 1943-1954.)
The amount of the SSI Federal Payment Standard remains at $733/month.  For a married couple this remains at $1,100/month.  The SSI Student Exclusion Limits remains at $1,780/month with the annual limit remaining at $7,180.
The Substantial Gainful Activity earnings increase to $1,130/month for non-blind disabled recipients while the blind disabled recipient amount remains at $1,820/month.  The Trial Work Period earnings increase to $810/month.
The full Fact Sheet can be found on Social Security’s web site
This text has been shared with you courtesy of: David & Mary Mellem, EAs & Ashwaubenon Tax Professionals, 920-496-1065 (fax 920-496-9111).

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