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You are here: Home / Featured Information / Changes to Social Security in 2015

December 11, 2014 Leave a Comment

Changes to Social Security in 2015

Social Security COLA Increase

Monthly Social Security and Supplemental Security Income (SSI) benefits will increase 1.7% in 2015. The 1.7% cost-of-living adjustment (COLA) will begin with benefits received in January 2015. Increased payments to SSI beneficiaries will begin on December 31, 2014.

Security Amounts for 2015

The Social Security Administration has announced the new amounts for 2015.  The gross Social Security benefits increase for 2014 by 1.7%.

The amount of earnings subject to Social Security taxes increases to $118,500 (up from $117,000 for 2014).

Earnings limitations for taxpayers who have not reached full retirement age (before having to repay Social Security benefits) increases to $15,720 ($1,310/month) (up from $15,480 ($1,290/month) for 2014).

Earnings limitations for taxpayers who reach full retirement age in the current year (before having to repay Social Security benefits) increases to $41,880 ($3,490/month) (up from $41,400 ($3,450/month) for 2014). (“Full retirement age” is age 66 for those born in 1943-1954.)

The maximum monthly Social Security benefits increases to $2,663.

The full Fact Sheet can be found on Social Security’s web site www.socialsecurity.gov.

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COVID-19 Related News and Updates

Check here for the most recent updates we have gathered regarding the impact of COVID-19 and taxes, personal finance and planning.

We are also going to be providing – and updating – links to get you the most up-to-date information on changes.

 

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Get My Payment (Economic Impact Payment) status checking tool:  https://www.irs.gov/coronavirus/get-my-payment

Senator Chris Murphy’s Page:  https://www.murphy.senate.gov/coronavirus

From the IRS, those who would have had to take an RMD have been given relief for 2020.  Official policy can be found here:  https://www.irs.gov/pub/irs-drop/n-20-06.pdf

For those with student loans, check out this site for FAQs on relief in 2020:  https://studentaid.gov/announcements-events/coronavirus and https://patch.com/connecticut/across-ct/ct-coronavirus-payment-relief-student-loan-borrowers-lamont

SBA Loan Info:  https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources

CT Department of Labor

CT DMV is extending license renewals:  https://portal.ct.gov/DMV/Easy-Answers/Easy-Answers-Webpages/How-to-Renew-Your-Drivers-License

IRS FAQs on the stimulus payments:  https://www.irs.gov/newsroom/economic-impact-payments-what-you-need-to-know

Employee Retention Credit:  https://www.irs.gov/newsroom/faqs-employee-retention-credit-under-the-cares-act

CT Program for minority and female-owned businesses (It’s a 0% line of credit with forgiveness if used for certain types of expenses within 3 months):  https://www.hedcoinc.com/state-of-ct-hedco-decd-covid-19

The IRS has suspended their collections process during COVID-19.  Click here to read the updates:  https://www.taxprotoday.com/news/irs-hits-the-brakes-on-collections-in-response-to-the-coronavirus

 

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2020 Year-End Letter

We envision a somewhat different tax season here at the Madison office of National Tax and Finance, formerly MJW EA & Co LLC, as 2021 is rapidly approaching. Due to COVID19, as well as advanced technology, we are encouraging our clients to use our Canopy portal to deliver their tax, financial and personal documents. It […]

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