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TaxRobin
TaxRobin, Tax Preparer
Category: Social Security
Satisfied Customers: 15034
Experience:  15+ years in tax preparation and instruction
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Iam on social security only. how much can i leaen without

Customer Question

iam on social security only. how much can i leaen without filing a tax return?
JA: The retirement accountant will know how to help. Please tell me more, so we can help you best.
Customer: what amount can i earn without affecting my social security?
JA: Is there anything else the retirement accountant should be aware of?
Customer: my husband is on ss also.
Submitted: 6 months ago.
Category: Social Security
Expert:  TaxRobin replied 6 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 few moments.

Expert:  TaxRobin replied 6 months ago.

Some people have to pay federal income taxes on their Social Security benefits.

To find out if any of your benefits may be taxable is to add one-half of your Social Security benefits to all your other income, including any tax-exempt interest. Next, compare this total to the base amounts below. If your total is more than the base amount for your filing status, then some of your benefits may be taxable. The three base amounts are:

  • $25,000 - for single, head of household, qualifying widow or widower with a dependent child or married individuals filing separately who did not live with their spouse at any time during the year
  • $32,000 - for married couples filing jointly
  • $0 - for married persons filing separately who lived together at any time during the year

People are required to file a tax return based on their income. If your income including any taxable portion of SS is $21,850 or more you have to file a return.

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, SSA will reduce your benefit. For 2016 that limit is $15,720.

You have asked about 3 separate issues so they all have a slightly different twist.

Please let me know if you need clarification. If you do not then a positive 5 star rating is appreciated so I get credit for the response. (look for the STARS or SMILEY FACES)