The issue - if you will be at full retirement age when you start your social security benefits or below the full retirement age...
There is NO limit on earning.However - the issue is with your age - if you are getting social security benefits and are below your fill retirement age - your earning might affect your social security 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.
For 2016 that limit is not yet set. Most likely - it will be a little higher.
For that purposes - your earnings include wages and net self-employment income.
For instance - if you will have wages $23,000 in 2015 while still below your full retirement age - your social security benefits will be reduced by ( $23,000 - $15,720) / 2 = $3640
Usually - that reduction occurs when your wages are reported to the SSA - and the SSA will send a letter asking to pay back overpaid amount.
In additional - your social security benefits might be partly taxable.
A simple test is as following- take a half of social security benefits
- PLUS other taxable income
- if the total is less than $25000 (for singles) or $32,000 (for married couples filing jointly) - none of social security benefits would be taxable.
- if the total is more than the threshold - we would need to use a special worksheet to determine the taxable portion.
I will help to estimate possible tax liability.
for that we need a full list of you income filing status and deductions.
We may chat or have a phone conversation if needed.