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Social Security

If I am 66.5 or older and want to take social security benefits.

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Will I be penalized if...
If I am 66.5 or older and want to take social security benefits. Will I be penalized if I also work? When is the age for non penalization?
Submitted: 1 year ago.Category: Social Security
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Answered in 19 minutes by:
4/10/2016
Social Security Expert: Angie, Tax Preparer replied 1 year ago
Angie
Angie, Tax Preparer
Category: Social Security
Satisfied Customers: 226
Experience: Bookkeeping, Profit and Loss, Balance SheetsAll types of US Taxes, Tennessee taxes, Personal, business, payroll, sales tax etc.
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I am happy to help you with your question! The Social security administration says that the limit for 2016 is 15720.00 for earnings. After that.... your social security benefits will drop $1 for each two dollars more than 15720.00 that you earn. There is no age limit, only earnings limits Also be aware that if your earnings $25000 or more then a portion of your social security may become taxable.
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Customer reply replied 1 year ago
Thanks Angie. Another question then? I was also told that at the age of 70 there is no limit on what you can earn? Or if your self employed its not taxable also?
Social Security Expert: Angie, Tax Preparer replied 1 year ago
That is true about being 70, but self employment earnings are still considered earnings that could reduce your benefits .
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Social Security Expert: Angie, Tax Preparer replied 1 year ago
I hope this information was helpful. Please take a moment to rate my service.
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Social Security Expert: Angie, Tax Preparer replied 1 year ago
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Angie
Angie
Angie, Tax Preparer
Category: Social Security
Satisfied Customers: 226
226 Satisfied Customers
Experience: Bookkeeping, Profit and Loss, Balance SheetsAll types of US Taxes, Tennessee taxes, Personal, business, payroll, sales tax etc.

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