How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Tax.appeal.168 Your Own Question
Tax.appeal.168
Tax.appeal.168, Accountant
Category: Finance
Satisfied Customers: 3444
Experience:  Tax Accountant
58285678
Type Your Finance Question Here...
Tax.appeal.168 is online now
A new question is answered every 9 seconds

I am my husband's social security, he died 3 years ago, I

Customer Question

I am my husband's social security, he died 3 years ago, I have just turned 65 in july, i have annunity that is maturing in august, i want to get a lump sum payout will it affect my social security. for i have to wait until 66 for no penality against me on how much i can make, i am working also as a school bus driver, with income of 14,450.00.
Submitted: 1 year ago.
Category: Finance
Expert:  Tax.appeal.168 replied 1 year ago.
Thank you for contacting us to assist you today. My name is ***** ***** my goal is to provide information to the best of my knowledge to assist you.
If your provisional income exceeds a certain amount, then up to 50% of your social security can be taxed. SEE BELOW:
Provisional income is adjusted gross income (not including Social Security) plus 50% of your benefits plus any tax-free interest from municipal bonds. If that income is between $25,000 and $34,00 on a single return or between $32,000 and $44,000 on a joint return, up to 50% of your benefits can be taxed.
---------------------------
However, if you are younger than full retirement age and make more than the yearly earnings limit, we will reduce your benefit. Starting with the month you reach full retirement age, we will not reduce your benefits no matter how much you earn.
We use the following earnings limits to reduce your benefits: If you are under full retirement age for the entire year, we deduct $1 from your benefit payments for every $2 you earn above the annual limit.
For 2015 that limit is $15,720.
In the year you reach full retirement age, we deduct $1 in benefits for every $3 you earn above a different limit, but we only count earnings before the month you reach your full retirement age.
If you will reach full retirement age in 2015, the limit on your earnings for the months before full retirement age is $41,880.
Starting with the month you reach full retirement age, you can get your benefits with no limit on your earnings. Your full retirement age is 66.
REFERENCE SOURCE:
faq.ssa.gov/link/portal/34011/34019/Article/3739/What-happens-if-I-work-and-get-Social-Security-retirement-benefits
Let me know if I can be of further assistance to you regarding this matter.