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lev-tax
lev-tax, Tax Advisor
Category: Social Security
Satisfied Customers: 28084
Experience:  Taxes, Immigration, Labor Relations
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I turned 65 on August 18, 2015. I applied .S. Part A &

Customer Question

I turned 65 on August 18, 2015. I applied for S.S. Part A & B but I continued to work and continue to work at this time. My full retirement age is 66 and I would like to start receiving benefits at 66 but would still like to work for at least another year. Will I lose any money from my S.S. if I continue to work? Also, on March 31st of this year I lost Part B Medical. I made a couple of payments but always seemed to forgot. They say I owe approx. $450.00. I now have the money and would like to pay it. Is there anyway I can be reinstated or do I need to reapply and if so when can I reapply?
Thank You,
Charlene
Abbeville, LA
Submitted: 7 months ago.
Category: Social Security
Expert:  lev-tax replied 7 months ago.
If you are younger than full retirement age and make more than the yearly earnings limit, your earnings may reduce your benefit amount.In the year you reach full retirement age, the SSA will deduct $1 in benefits for every $3 you earn above a limit. In 2016, the limit on your earnings is $41,880 but they only count earnings before the month you reach your full retirement age.Beginning with the month you reach full retirement age, your earnings no longer reduce your benefits, no matter how much you earn..
Expert:  lev-tax replied 7 months ago.
Another issue is - your social security benefits might be PARTLY taxable depending on other income - here how it works...Here is a simple test.- 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 appreciate if you take a moment to rate the answer.Experts are ONLY credited when answers are rated positively.If you still have any doubts, need clarification - please be sure to ask.I am here to help you with all tax related issues.