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lev-tax, Tax Advisor
Category: Social Security
Satisfied Customers: 29940
Experience:  Taxes, Immigration, Labor Relations
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When I was 64 I had some 401 k money I withdrew from so I could

Customer Question

When I was 64 I had some 401 k money I withdrew from so I could make repairs to my home? The following year I was penalized for having to much income and had almost $270 a month deducted from my SS for a year. I am going to be 68 at the end of May and I may need to seek employment to supplement my SS income. How much income can I make without having my SS income being reduced. Also am I able to take additional income from from my pension without being penalized for additional income?
Submitted: 1 year ago.
Category: Social Security
Expert:  lev-tax replied 1 year ago.
As you are above your full retirement age - you are entitled to receive all your social security benefits regardless how much money you earn,You might be taxed based on your total income - but there is no any reduction of your benefits.If you provide more information about your expected income - I will estimate your tax liability.
Expert:  lev-tax replied 1 year ago.
Social security benefits may be partly taxable depending on other taxable income.Here is a simple test.- take a half of social security benefits- PLUS other taxable income- if the total is less than $25000 (for singles) or $32,000 (for married couples filing jointly)- none of social security benefits would be taxable- if the total is more than the threshold - we would need to use a special worksheet to determine the taxable portion..I appreciate if you take a moment to rate the answer.Experts are ONLY credited when answers are rated positively.If you still have any doubts, need clarification - please be sure to ask.I am here to help you with all tax related issues.