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lev-tax, Tax Advisor
Category: Social Security
Satisfied Customers: 29950
Experience:  Taxes, Immigration, Labor Relations
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I will be collecting $1949 a month in SS benefits starting

Customer Question

I will be collecting $1949 a month in SS benefits starting in February 2017 after I turn 66 this coming December. I will continue working for $65,000 to S67,500 a year income gross for several more years. From what I have read I will be paying taxes on 85% of my social security benefits. Will this be at the $1949 rate before $122 for Medicare B is taken out or at $1827 after Medicare B is taken out?
Submitted: 1 year ago.
Category: Social Security
Expert:  lev-tax replied 1 year ago.

Your $1949 a month social security benefits will be $1949 * 12 = $23388 - that amount will be reported on form 1040 line 20a.

Expert:  lev-tax replied 1 year ago.

Taxable portion will be calculated as 85% of your TOTAL benefits (before any deductions)

$23388 * 85% = 19880 - that amount will be reported on 1040 line 20b

Medicare premiums may be deducted separately as Medical expenses - you may include that amount with other medical expenses on schedule A line 1.

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