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TaxRobin
TaxRobin, Tax Preparer
Category: Social Security
Satisfied Customers: 13334
Experience:  15+ years in tax preparation and instruction
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I started collecting social security at my full retirement

Customer Question

I started collecting social security at my full retirement age. I am still working. My annual salary will be about 60k. Cam you tell me what percentage Zion taxes I will pay and also am I going to have to payback 1 dollar for every 3 dollars owed
Submitted: 4 months ago.
Category: Social Security
Expert:  TaxRobin replied 4 months ago.

Hello

If you will reach full retirement age in 2016, the limit on your earnings for the months before full retirement age is $41,880. This does not mean the whole year.

Starting with the month you reach full retirement age, you can get your benefits with no limit on your earnings.

If you started after you reached full retirement age then you would not have your benefits reduced.

No one pays federal income tax on more than 85 percent of his or her Social Security benefits based on Internal Revenue Service (IRS) rules.

If you are single and your income (all wages and half SSA) is

  • between $25,000 and $34,000, you may have to pay income tax on up to 50 percent of your benefits.
  • more than $34,000, up to 85 percent of your benefits may be taxable.

If married filing joint (count your spouses income too)

  • between $32,000 and $44,000, you may have to pay income tax on up to 50 percent of your benefits
  • more than $44,000, up to 85 percent of your benefits may be taxable.

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