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ACA income planning Social Security first year
Old 10-23-2020, 08:11 AM   #1
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ACA income planning Social Security first year

I am working on ACA income/cliff planning.

I retired this year and started SS effective Oct, 2020.

So, I will receive SS benefits for October, November and December.

Since the benefits check is deposited the month after payment is due, I will only have 2 payments deposited during 2020.

Will the SSA-1099 for 2020 show 3 months of SS income or just 2 months?

I plan to withdraw as much as possible from tIRA in November/December to maximize 2020 income based on cliff.

I will post a summary here for review soon.
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Old 10-23-2020, 09:15 AM   #2
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Quote:
Originally Posted by Born2Fish View Post
I am working on ACA income/cliff planning.

I retired this year and started SS effective Oct, 2020.

So, I will receive SS benefits for October, November and December.

Since the benefits check is deposited the month after payment is due, I will only have 2 payments deposited during 2020.

Will the SSA-1099 for 2020 show 3 months of SS income or just 2 months?

I plan to withdraw as much as possible from tIRA in November/December to maximize 2020 income based on cliff.

I will post a summary here for review soon.
It should only show 2 months income as it is figured on when the money is paid out, not when it is earned.
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