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TaxRobin
TaxRobin, Tax Preparer
Category: Social Security
Satisfied Customers: 13328
Experience:  15+ years in tax preparation and instruction
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If my birthdate is nov 18, 1950 I will reach fra on that day

Customer Question

if my birthdate is nov 18, 1950 I will reach fra on that day and I want to file for full ss when do I file? and when will I see my first ss check and if I file and keep working my ss benefits are not taxed and will my benefit be increased each year that I continue working or is it locked in even though I continue to pay ss taxes thru my continued employment
Submitted: 3 months ago.
Category: Social Security
Expert:  TaxRobin replied 3 months ago.

Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a moment.

Expert:  TaxRobin replied 3 months ago.

You should apply three months before you want your benefits to start.

Some people have to pay federal income taxes on their Social Security benefits. This usually happens only if you have other substantial income (such as wages, self-employment, interest, dividends and other taxable income that must be reported on your tax return) in addition to your benefits.

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:

  • file a federal tax return as an "individual" and yourcombined income* 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.

file a joint return, and you and your spouse have acombined income* that is

  • 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.

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.

Each year SSA reviews the records for all working Social Security recipients. If your earnings for the prior year are higher than one of the years they used to compute your retirement benefit, they will recalculate your benefit amount. SSA pays the increase retroactive to January the year after you earned the money.

Expert:  TaxRobin replied 3 months ago.

Here is a link to the SSA calendar for paying benefits

https://www.ssa.gov/pubs/EN-05-10031.pdf