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I took early retirement but continue working to get med

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I took early retirement...

I took early retirement but continue working to get med insurance. I understand that in 2017 that $1 will be deducted or paid back, for every $2 I make over $16,920. I also understand that there are ways to reduce the SS counts as "earned wages." AKA 401k distributions by your employer. Monies distributed directly into your HSA by your employer in lue of pay. I would like to be able to track my SS "earned wages". Can you do this from info provided on your pay stub.. Does the SS use the OASDI taxable wage, the Federal Withholding taxable wage, or the Gross Pay to determine the $16,920 limit?

Accountant's Assistant: These retirement benefits are supposed to help us but they can be so complicated! The Retirement Expert will help you get the most benefits propertly. Is there anything else the Retirement Accountant should be aware of?

Just trying to make the most out of my benefit, Looks like my company insurance premiums and my HSA deductions are reflected in my OASDI taxable wages. If the OASDI is the earnings amount the SS uses to determinge if your are over your earnings limit, then I can just put more money into my HSA.

Submitted: 10 months ago.Category: Social Security
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Answered in 7 minutes by:
10/5/2017
Social Security Expert: lev-tax, Tax Advisor replied 10 months ago
lev-tax
lev-tax, Tax Advisor
Category: Social Security
Satisfied Customers: 33,272
Experience: Taxes, Immigration, Labor Relations
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Does the SS use the OASDI taxable wage, the Federal Withholding taxable wage, or the Gross Pay to determine the $16,920 limit?

The SSA will use wages subject to social security taxes - that is an amount reported on form W2 box 3.

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Social Security Expert: lev-tax, Tax Advisor replied 10 months ago

Those benefits that are not included into this amount - for instance health insurance premiums, FSA contributions, etc - will not be counted as wages.

But those included into that amount - for instance 401k elective deferrals - will be counted toward that limit.

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