Diana Bridgforth: Tax questions

May 10, 2013 

Tax questions

Now the North Carolina GOP wants our Social Security taxed if we “draw other income” (“Senate GOP outlines tax plan” May 8).

At what rate and what percent of the total? What is “draw”? What is “other income”? Regular payments like mandatory from an IRA? Quarterly dividends from stocks? Annual interest paid on a CD or bond? Pension? State retirement plan? U.S. Savings bonds? Money from a Roth IRA? Class action settlement? Food stamps? Medicaid? Serving jury duty? Working election day? Divorce settlement?

What about a child who receives Social Security benefits because a parent has died? Will he have to pay taxes on his benefits because he has a part-time job after school to help out the family?

Diana Bridgforth

Garner

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