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Uh-oh - its tax time again! Tips for filing if you received SSDI Payments in 2012


If you got a lump sum SSDI back-pay check in 2012 filing your taxes might be harder than usual, and potentially more painful because of new tax rules. Here are some of the frequently asked questions I receive: 

  • Do I have to pay tax on that whole amount?
  • Part? SSI or SSDI? 
  • What rate do I pay and where does it go on the return?
  • What can I use to offset the income?

Remember, it's important that you know the answers before April of 2013; it will be worth your while.


Let me break this down for you; you might have a lump sum of, say, $50k on a 2012 Form SSA-1099. But that lump sum might be spread out over the last few years of you and your attorney dealing with your claim. $2k a month into the last 25 months is a whole 3 tax years right? This helps, since your accountant can rightfully report the $50k on the current return, but divide its taxability up into the several years in question. This serves to keep your bracket and taxes lower than if you took the whole $50k at once, possibly keeping you down to ZERO tax. You probably don't have to amend those last few years (that could be expensive and complex) but you do want to correctly apply calculations that work to your legal benefit.

What you need

  • Previous  tax returns
  • 2012 tax documents
  • To complete four large schedules outlined in IRS publication 915.
  • Address all calculations to protect your financial interests, a good tax software program or a skilled accountant will help tackle this.

If you received a lump sum SSDI Payment in 2012, get Bruce J moving, April 15th is right around the corner.


For answers to your important tax questions call:   Bruce Julien at 201-489-4890 or email bjulien@julienfinancial.com or visit  www.julienfinancial.com 


For over 20 years Bruce Julien has specialized in tax planning and return preparation, cash flow and Estate Planning. His decidedly consumerist attitude serves clients well.  


Inside Insler & Herman, LLP

Get to Know Us 


Gabe Hermann, Founding Partner Insler & Hermann, LLP AND Expert Skier


My love affair with skiing began when I was 5 years old and has continued throughout my life. My first memory of skiing is of my parents taking the family out of the city to the mountains for some cold fresh air and (literally) strapping a pair of skis on me. The rest is history.


Over the years I have become an accomplished skier, part of the joy I get from skiing is the exhilaration I feel going down the mountain with nothing to count on but my skill and experience to keep me from killing myself; it is definitely more fun to participate in a sport that you excel at.

I ski locally every chance I get at Hunter and Windham in NY and in Vermont.  Out west I have skied Big Sky,

Montana, a bonus from that trip was a day dog sledding (Iditarod anyone?)   and another day trip snowmobiling to the Old Faithful Geyser in Yellowstone National Park. No cars were allowed into the park, we and the buffalo had the park to ourselves.



My favorite ski experience to date was in 2012 when I took a trip to Park City, Utah and skied a day at Alta.  

Alta Ski Resort is a skier's paradise.  I had an epic day, fresh powder, beautiful views and incredibly challenging slopes - without the danger of being bumped by snowboarders as they board backwards down the mountain. No snowboarding allowed at Alta.

I fell in love with the parabolic skis when they came out a few years ago and find that they have really help improve my form and are gentle on the knees.    


Gabe Sking

 I want to follow in my parents  footsteps and introduce my  children to skiing at a young age.  While I wish that all 3 kids were  skiing, so far only the oldest has  expressed any interest and I have  had him on skis since he was in kindergarten, around the same age that I started. 


There is no pleasure like sitting on a chair lift with my son preparing to ski down the mountain from the summit!


Let it snow, let it snow, let it snow.

Share your epic ski stories with Gabe email him

In This Issue
Uh-oh - its tax time again! Tips for filing if you received SSDI Payments in 2012...If you got a lum...
What Is Gabe Hermann's Secret Passion?
Winning Case
 Tip of the Month

Don't Be Confused by Waiting Periods and Durational Requirements:
The Best Time to File a Disability Claim? NOW!

Nothing happens quickly in the world of Social Security, so the rule of thumb is that early application is wise.


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