Social Security Accounting of Direct Deposits
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Social Security Accounting of Direct Deposits
The good news is that we are receiving payments. But I do I look at the accounting in a "check stub" fashion, what month benefits, tax withholding, Medicare premiums? There have been a few glitches so I would prefer not to wait for the year end 1099.
- cheese_breath
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Re: Social Security Accounting of Direct Deposits
I'm not sure what your question is. But I can tell you...
My total SS payment is the same every month
The amount deposited in my checking account is the same every month
My Medicare Part B deduction is the same every month
My Medicare Part D deduction is the same every month
I don't have taxes withheld from my SS payments
So I don't have any issues with the accounting.
What kind of glitches are you referring to?
My total SS payment is the same every month
The amount deposited in my checking account is the same every month
My Medicare Part B deduction is the same every month
My Medicare Part D deduction is the same every month
I don't have taxes withheld from my SS payments
So I don't have any issues with the accounting.
What kind of glitches are you referring to?
The surest way to know the future is when it becomes the past.
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Re: Social Security Accounting of Direct Deposits
Actually I have a letter explaining the first DD, however the amounts of the two most recent amounts have not yet been detailed.
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Re: Social Security Accounting of Direct Deposits
My spouse's benefit reduction due to WEP had been calculated incorrectly. We worked with an agent on the phone to have this corrected. It may still be trickling through the system.
My spouses 2nd payment is higher than was originally announced, so the ship is moving in the right direction.
My spouses 2nd payment is higher than was originally announced, so the ship is moving in the right direction.
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Re: Social Security Accounting of Direct Deposits
There are no "check stubs". Indeed not everyone has uniform payments throughout the year, so it would be nice to have a running statement rather than just a 1099 at the end of the year. But it is not a big deal to figure it out.
Re: Social Security Accounting of Direct Deposits
In my experience, I'll get a letter near the first of each year detailing the benefit payments for the new year. Changes in my net check (inflation adjustments to retirement benefits, Medicare Part B premium, and IRMAA adjustments) are laid out in that letter.SpideyIndexer wrote: ↑Wed Jun 07, 2023 11:50 pm Actually I have a letter explaining the first DD, however the amounts of the two most recent amounts have not yet been detailed.
After the new net payment is announced to me, every check for the rest of the year is for the same amount.
I don't receive a "check stub" every month.
Hopefully you'll be able to pretty closely guess your SS income, etc. for the remainder of 2023. Then, it should be quite straightforward once you receive your benefit determination letter for 2024 and later years.
Retired life insurance company financial executive who sincerely believes that ”It’s a GREAT day to be alive!”
Re: Social Security Accounting of Direct Deposits
Mine is the same every month.
However, the amount in the initial determination letter was wrong and I had to file an appeal form to get it corrected. Pretty simple process.
However, the amount in the initial determination letter was wrong and I had to file an appeal form to get it corrected. Pretty simple process.
Don't trust me, look it up. https://www.irs.gov/forms-instructions-and-publications
Re: Social Security Accounting of Direct Deposits
Do you have an account log in at SS? I believe you can see monthly activity. I need to get that for my health insurance reimbursement and I remember seeing a breakdown by month. Also there is a way to get a benefit verification letter which I think also gives a breakdown.
If you are brand new to collecting, the website might be delayed in posting these statements. Like all federal government stuff, things happen slowly.
If you are brand new to collecting, the website might be delayed in posting these statements. Like all federal government stuff, things happen slowly.
Re: Social Security Accounting of Direct Deposits
Go to your My Social Security account and click the "View Your Payment History and Overpayment Details" to see the current detail and previous months amounts after deductions.
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Re: Social Security Accounting of Direct Deposits
I looked in My SS and it is not yet there. But I did see a notice that my Spouse's benefit was approved. It said to expect a letter in 10-15 days.
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Re: Social Security Accounting of Direct Deposits
It may be different for retirement benefits, but with my husband’s SSDI, the direct deposit happened well before we got any letter. The benefit verification letter also updated pretty quickly.