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Christopher B, Esq.
Christopher B, Esq., Attorney
Category: Social Security
Satisfied Customers: 2677
Experience:  associate attorney
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If I get my Social Security at 65 and make more than

Customer Question

If I get my Social Security at 65 and make more than $14,000.
What happens as far as taxes are concerned.
I would appreciate any information you can give me!
Much Thanks,
Rick Snyder
Submitted: 10 months ago.
Category: Social Security
Expert:  Christopher B, Esq. replied 10 months ago.

My name is***** and I will be helping you with your question today. This is for informational purposes only and does not establish an attorney client relationship.

If you do not reach full retirement in that year you turn 65 (age 66 for 2016), you would have to make over $15,720 to have to pay taxes on that income. Since $14,000 doesn't meet the threshold, you would not have to pay any taxes (See below). Once you turn age 66, any earnings after your birthday are not taxed. Those before during that year are taxed over $14,880 (See below):

See link to Social Security website: https://faq.ssa.gov/link/portal/34011/34019/Article/3739/What-happens-if-I-work-and-get-Social-Security-retirement-benefits

"You can get Social Security retirement benefits and work at the same time. 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.

(1) 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 2016 that limit is $15,720.

(2) 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 2016, the limit on your earnings for the months before full retirement age is $41,880.

Remember you taxed on the $14,000 as normal income but this income will not lower your social security benefit.

Please let me know if you have any further questions and please positively rate my answer as it is the only way I will be compensated for my time by the site.

Expert:  Christopher B, Esq. replied 10 months ago.

Just checking back in, do you have any further question? I want you to be satisfied with my service, so please let me know.