Announcement

Collapse
No announcement yet.

Add THIS to your yearly checks

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • Add THIS to your yearly checks

    Many suggest doing yearly checks on your free credit report (or every 4 months, rotating through the agencies), net worth, spending, savings rate, etc.  I will suggest, likely in a repeat of sage advice delivered by a more astute member of the WCI forum, adding to this list checking your social security statement annually.  I took a look at mine today for the first time and noted some problems dating back over 15 years, including 3 years during residency where $0 was listed under social security but my actual earnings was listed under Medicare.  Now I've gotta dig up old W2s and tax returns, and check with HR at my residency institution to see why I'm listed as having $0 for social security (possibly Windfall Elimination Provision due to being part of a pension plan?).  Good times.  Point is, add this to the yearly checks.

  • #2




    Many suggest doing yearly checks on your free credit report (or every 4 months, rotating through the agencies), net worth, spending, savings rate, etc.  I will suggest, likely in a repeat of sage advice delivered by a more astute member of the WCI forum, adding to this list checking your social security statement annually.  I took a look at mine today for the first time and noted some problems dating back over 15 years, including 3 years during residency where $0 was listed under social security but my actual earnings was listed under Medicare.  Now I’ve gotta dig up old W2s and tax returns, and check with HR at my residency institution to see why I’m listed as having $0 for social security (possibly Windfall Elimination Provision due to being part of a pension plan?).  Good times.  Point is, add this to the yearly checks.
    Click to expand...


    out of curiosity what else do you check?

    Credit Report
    Net Worth
    Spending
    Saving Rate
    SSA Statement
    Home, Auto Insurance etc?

    Thanks,

    Comment


    • #3







      Many suggest doing yearly checks on your free credit report (or every 4 months, rotating through the agencies), net worth, spending, savings rate, etc.  I will suggest, likely in a repeat of sage advice delivered by a more astute member of the WCI forum, adding to this list checking your social security statement annually.  I took a look at mine today for the first time and noted some problems dating back over 15 years, including 3 years during residency where $0 was listed under social security but my actual earnings was listed under Medicare.  Now I’ve gotta dig up old W2s and tax returns, and check with HR at my residency institution to see why I’m listed as having $0 for social security (possibly Windfall Elimination Provision due to being part of a pension plan?).  Good times.  Point is, add this to the yearly checks.
      Click to expand…


      out of curiosity what else do you check?

      Credit Report
      Net Worth
      Spending
      Saving Rate
      SSA Statement
      Home, Auto Insurance etc?

      Thanks,
      Click to expand...


      Credit report (and now SSA statement) yearly, will probably do it 3 times this year because we're gearing up to buy a home and I don't want anything screwing that up.  Net worth bi-annually.  I review all spending monthly with our budget, which includes insurance review.  My monthly budget includes a savings tracker with a final update occurring after tax filing.  Credit card statements reviewed for fraudulent activity as I track spending throughout the month.

      Comment


      • #4




        Many suggest doing yearly checks on your free credit report (or every 4 months, rotating through the agencies), net worth, spending, savings rate, etc.  I will suggest, likely in a repeat of sage advice delivered by a more astute member of the WCI forum, adding to this list checking your social security statement annually.  I took a look at mine today for the first time and noted some problems dating back over 15 years, including 3 years during residency where $0 was listed under social security but my actual earnings was listed under Medicare.  Now I’ve gotta dig up old W2s and tax returns, and check with HR at my residency institution to see why I’m listed as having $0 for social security (possibly Windfall Elimination Provision due to being part of a pension plan?).  Good times.  Point is, add this to the yearly checks.
        Click to expand...


        I have a vague recollection of some change in policy in which for a certain period of time, house staff salaries were considered stipends, not salary, and therefore not subject to employment tax withholding. I know that a few years ago, I received a check for reimbursement for the employment tax, with interest (15 years worth or so), from my training institution. It might be the explanation. Or I might be completely wrong.

        Comment


        • #5
          You also might want to send a letter to each institution where you have an account to keep them from handing your account over to the state as unclaimed property under escheatment laws if they haven't heard from you.  Kind of paranoid, but likely worth the cost of an envelope and a stamp.

          Comment


          • #6
            My husband went through about a year-long wringer with SSA one year when his salary was inaccurately listed at $0. He eventually prevailed but it took a lot of manhours. Good luck!

            Comment


            • #7







              Many suggest doing yearly checks on your free credit report (or every 4 months, rotating through the agencies), net worth, spending, savings rate, etc.  I will suggest, likely in a repeat of sage advice delivered by a more astute member of the WCI forum, adding to this list checking your social security statement annually.  I took a look at mine today for the first time and noted some problems dating back over 15 years, including 3 years during residency where $0 was listed under social security but my actual earnings was listed under Medicare.  Now I’ve gotta dig up old W2s and tax returns, and check with HR at my residency institution to see why I’m listed as having $0 for social security (possibly Windfall Elimination Provision due to being part of a pension plan?).  Good times.  Point is, add this to the yearly checks.
              Click to expand…


              I have a vague recollection of some change in policy in which for a certain period of time, house staff salaries were considered stipends, not salary, and therefore not subject to employment tax withholding. I know that a few years ago, I received a check for reimbursement for the employment tax, with interest (15 years worth or so), from my training institution. It might be the explanation. Or I might be completely wrong.
              Click to expand...


              Thanks, will look into this.  But why would the social security statement still have Medicare wages listed if that were the case?  Strange things are afoot at the Circle K.

              Comment


              • #8




                Many suggest doing yearly checks on your free credit report (or every 4 months, rotating through the agencies), net worth, spending, savings rate, etc.  I will suggest, likely in a repeat of sage advice delivered by a more astute member of the WCI forum, adding to this list checking your social security statement annually.  I took a look at mine today for the first time and noted some problems dating back over 15 years, including 3 years during residency where $0 was listed under social security but my actual earnings was listed under Medicare.  Now I’ve gotta dig up old W2s and tax returns, and check with HR at my residency institution to see why I’m listed as having $0 for social security (possibly Windfall Elimination Provision due to being part of a pension plan?).  Good times.  Point is, add this to the yearly checks.
                Click to expand...


                Thanks for bringing this up, you can sign up and see this info via the SS website

                Comment


                • #9










                  Many suggest doing yearly checks on your free credit report (or every 4 months, rotating through the agencies), net worth, spending, savings rate, etc.  I will suggest, likely in a repeat of sage advice delivered by a more astute member of the WCI forum, adding to this list checking your social security statement annually.  I took a look at mine today for the first time and noted some problems dating back over 15 years, including 3 years during residency where $0 was listed under social security but my actual earnings was listed under Medicare.  Now I’ve gotta dig up old W2s and tax returns, and check with HR at my residency institution to see why I’m listed as having $0 for social security (possibly Windfall Elimination Provision due to being part of a pension plan?).  Good times.  Point is, add this to the yearly checks.
                  Click to expand…


                  I have a vague recollection of some change in policy in which for a certain period of time, house staff salaries were considered stipends, not salary, and therefore not subject to employment tax withholding. I know that a few years ago, I received a check for reimbursement for the employment tax, with interest (15 years worth or so), from my training institution. It might be the explanation. Or I might be completely wrong.
                  Click to expand…


                  Thanks, will look into this.  But why would the social security statement still have Medicare wages listed if that were the case?  Strange things are afoot at the Circle K.
                  Click to expand...


                  I don't know and most excellent reference to "Bill and Ted's..."

                  Comment


                  • #10




                    Many suggest doing yearly checks on your free credit report (or every 4 months, rotating through the agencies), net worth, spending, savings rate, etc.  I will suggest, likely in a repeat of sage advice delivered by a more astute member of the WCI forum, adding to this list checking your social security statement annually.  I took a look at mine today for the first time and noted some problems dating back over 15 years, including 3 years during residency where $0 was listed under social security but my actual earnings was listed under Medicare.  Now I’ve gotta dig up old W2s and tax returns, and check with HR at my residency institution to see why I’m listed as having $0 for social security (possibly Windfall Elimination Provision due to being part of a pension plan?).  Good times.  Point is, add this to the yearly checks.
                    Click to expand...


                    You must have missed this whole thing a few years ago. People got their money back for SS taxes paid during residency. I only got a check for about half of my residency due to limitations. This is probably related to that. Think back really hard and see if you remember getting a check.
                    Helping those who wear the white coat get a fair shake on Wall Street since 2011

                    Comment


                    • #11
                      During my fellowship I was considered a "non-employee" and paid on stipend and didn't pay payroll taxes.

                      My residency missed the cutoff to get SS taxes paid back.  I DID pay SS taxes in residency and it shows on my SS statements.
                      An alt-brown look at medicine, money, faith, & family
                      www.RogueDadMD.com

                      Comment


                      • #12
                        @ENT - yes, back in the 1990s this came to a head where a lot of Mid-west institutions were paying FICA (double costs to institution), sued IRS and won a favorable decision ~2005.  This resulted in FICA returns to many residents around that time.

                        It was then appealed and further decided that Residents maybe students and receiving stipends vs salary, BUT the teaching was incidental vs the work provided to the institution, hence IRS considers them employees and subject to FICA after 2005.  Of course they made this ruling in 2010.

                        So,

                        Before 2005;  you could have paid FICA and asked for it back and get NO SS credit-- all depends if you individually filed with IRS to do so or you signed on with your residency institution for that claim.

                        After 2005 -  you should see FICA on your SS statement during residency.

                         

                        Comment


                        • #13
                          Yup I checked my SS statement a few years ago and was startled by missing resident income.

                          Visited and wrote a letter to my local SS office. Case was assigned. A year later they were still “working on it”

                          Realized some time after that this was likely my error due to resident FICA refund. Still haven’t heard final resolution from SS office two years later though. Ha.

                          Comment


                          • #14




                            @ENT – yes, back in the 1990s this came to a head where a lot of Mid-west institutions were paying FICA (double costs to institution), sued IRS and won a favorable decision ~2005.  This resulted in FICA returns to many residents around that time.

                            It was then appealed and further decided that Residents maybe students and receiving stipends vs salary, BUT the teaching was incidental vs the work provided to the institution, hence IRS considers them employees and subject to FICA after 2005.  Of course they made this ruling in 2010.

                            So,

                            Before 2005;  you could have paid FICA and asked for it back and get NO SS credit– all depends if you individually filed with IRS to do so or you signed on with your residency institution for that claim.

                            After 2005 –  you should see FICA on your SS statement during residency.

                             
                            Click to expand...


                            That sounds right. I was a resident from 2003-2006, so I think I only got money back for the first half of my residency. I can't recall what my SS statement looks like for 2004 though. I could go check it I guess.
                            Helping those who wear the white coat get a fair shake on Wall Street since 2011

                            Comment


                            • #15
                              You can get free credit checks all the time if you sign up for credit karma. Or just freeze your credit ????

                              Comment

                              Working...
                              X