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Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 28914
Experience:  Taxes, Immigration, Labor Relations
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How much money are you allowed to make in a year before they

Customer Question

How much money are you allowed to make in a year before they deduct from your social security payments? I get about $1800 a month in social security each month and I am considering getting a job for supplemental income.
Submitted: 8 years ago.
Category: Tax
Expert:  Lev replied 8 years ago.
Are you filing tax return as single or married filing jointly?
Customer: replied 8 years ago.
I'm single and 65 yrs old.
Expert:  Lev replied 8 years ago.

If half of your SS benefits plus other taxable income is less than $25,000 - none of your SS is taxable,

- if more than $25,000 - part of SS income will be taxable - you would need to fill the worksheet to calculate the exact taxable amount. The maximum is 85% of your SS income.

 

Let me know if you need help with calculations.
Expert:  Lev replied 8 years ago.

In additional....

as you are below the full retirement age you may earn up to $13,560. If you earn above the limit - your SS payment will be reduced $1 for every $2 you earned over the limit.

For 2008, that limit is $13,560. For 2009, that limit will be $14,160.