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Bill, Enrolled Agent
Category: Tax
Satisfied Customers: 3151
Experience:  EA, CEBS - 35 years experience providing financial advice
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I am paying social security and Medicare taxes on a job. I

Customer Question

I am paying social security and Medicare taxes on a job. I am collecting social security as I am over 67. Can I claim the taxes as a deduction
Submitted: 6 months ago.
Category: Tax
Expert:  Bill replied 6 months ago.
Unfortunately, you cannot. Depending on the amount of your earnings in prior years, it's possible that the amounts you are paying into social security could eventually increase the amount of your social security benefit. Social security calculates benefits based on your highest 35 years of earnings. So if your earnings now are higher than any of the original 35 years that were used (adjusted by wage indexing) then your benefit could be increased.

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