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Ask Megan C Your Own Question
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 16547
Experience:  Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level
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Hello. I am 65 and recently retired (former teacher, administrator,

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Hello. I am 65 and recently retired (former teacher, administrator, headmaster) and have begun a consulting business that may, or may not, provide substantial income in the next few years. My wife, age 57, is a businesswoman earning a 5-figure income and likely will remain in her job for the next decade or so.

My question is this: if I begin to collect my Social Security benefits at age 66 (or between 66 and 70), is that money taxed at our current rate (33%)? And secondly, based on our collective income (my wife's and mine), would I be required to return any portion of my Social Security income?

Thanks,
Doug

MyVirtualCPA :

I realize you have a question about social security. My goal is to provide you with excellent service, and help you better understand your options.

MyVirtualCPA :

If you are age 66, you can earn an unlimited amount of money and still draw social security

Customer:

And after age 66, any Social Security withdrawn is taxed at our current rate of income tax?

MyVirtualCPA :

Up to 85% of the benefits are taxed.

MyVirtualCPA :

http://www.calcxml.com/calculators/how-much-of-my-social-security-benefit-may-be-taxed

MyVirtualCPA :

there's a calculator that tells you how much of your benefits are taxed. The calculator is set for 25% tax rate, so you would need to change it to 33%

Customer:

Thanks. That is all I wanted to know.

MyVirtualCPA :

You're welcome

MyVirtualCPA :

If you would please take a moment to rate my response as "excellent" so taht I may receive credit for assisting you today

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