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My 73 old single mother, receives $2,600 a month from social…

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My 73 old single mother...
My 73 old single mother, receives $2,600 a month from social security. She would like to get a small job.- How much can she make before being taxes? in 2016 and 2017?
- Also, she will be taking a deduction from her 401k (2016) $3,000 does this affect the income amount on taxes?
Submitted: 8 months ago.Category: Social Security
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Customer reply replied 8 months ago
In 2017 and 2018 (not 2016)
Customer reply replied 8 months ago
Took out 401k in 2017
Answered in 7 minutes by:
11/12/2017
Social Security Expert: Barbara, Enrolled Agent replied 8 months ago
Barbara
Barbara, Enrolled Agent
Category: Social Security
Satisfied Customers: 6,411
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
Verified

Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

If your mother gets a small job, her income from that job will be taxed.

If you are referring to whether her Social Security will be taxed,

"No one pays federal income tax on more than 85 percent of his or her Social Security benefits based on Internal Revenue Service (IRS) rules. If you:

  • file a federal tax return as an "individual" and your combined income* is
  • between $25,000 and $34,000, you may have to pay income tax on up to 50 percent of your benefits.
  • more than $34,000, up to 85 percent of your benefits may be taxable."

The following link contains additional information you will find helpful:

https://www.ssa.gov/planners/taxes.html

If your mother takes $3000 from her 401K, that amount is included as income.

Please let me know if I can assist you further.

If I have answered your questions, please take a moment to rate my answer since that is the only way I receive credit for answering you.

Thank you and best regards,

Barb

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Customer reply replied 8 months ago
She has not filed a tax return in the past because she was told gross income is under $11,850. Is this still true with her SS now being $2,500 month / $30k a year ( was increased because ex husband passed).She is trying to figure out the income amount (small job) she can make before paying /filing taxes
Social Security Expert: Barbara, Enrolled Agent replied 8 months ago

You're asking about requirement to file rather than whether her SS will be taxable. Is that correct?

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Social Security Expert: Barbara, Enrolled Agent replied 8 months ago

If that is the case, the income threshold is $11,900 for 2017.

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Customer reply replied 8 months ago
Wouldn't filling apply to how much Social is Security plus a small part time job?We are trying to understand the math of adding a small part time job to her SS income to her overal filinng and paying taxes.
Social Security Expert: Barbara, Enrolled Agent replied 8 months ago

As I mentioned, she can earn up to $11,900 before having to file a tax return.

SS is not taxed until you earn over the income threshold, which I provided in my initial response.

If she has a part-time job, she may want to file a tax return to obtain a refund of any tax that is withheld.

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Social Security Expert: Barbara, Enrolled Agent replied 8 months ago

Here is some additional information:

Income thresholds for taxpayers 65 and older

If you are at least 65 years old and receive Social Security income during the year, you are subject to the same filing requirements as any other taxpayer. However, you can generally receive more income during the year than other taxpayers before having to file a tax return. An exception is if you are married but file a separate tax return from your spouse who you lived with during the year. In this case, you must include your Social Security income when evaluating whether your gross income exceeds the standard deduction plus one exemption. In addition, if the IRS requires you to pay tax on a portion of your Social Security income because your other income is too high, then you must include that taxable portion in your calculation as well, regardless of your filing or marital status.

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Customer reply replied 8 months ago
Barbara,I was hoping that you would be specific to our situation with the math. I have read what the SSA.gov website had written.To Clarify:SS is $31,200 yearly.= No taxes on SSSS $31,200 year + $3,000 withdrawn from 401k, then under $11,900 = no taxes paidSS $31,200 year + $3,000 withdrawn from 401k + $7,899 job = under $10,900 = no taxes paidIn all three situations, does a return still need to be filed?
Social Security Expert: Barbara, Enrolled Agent replied 8 months ago

As I mentioned, a return does not need to be filed, but taxes will be withheld from the job. A return can and should be filed to receive a refund of the taxes withheld, which will be approximately $800. I am not understanding why you and/or your mother would not want to file a tax return to receive a refund.

Make sense?

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Customer reply replied 8 months ago
Because not all jobs withhold are w9 workers. She is looking to do book keeping as an indepenent worker which is a 1099.
Social Security Expert: Barbara, Enrolled Agent replied 8 months ago

A job means you receive a W-2.

An independent contractor (self employed in the eyes of the IRS) receives a 1099-MISC.

If she receives a 1099-MISC, then she MUST file a tax return.

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Customer reply replied 8 months ago
I was hoping that you would be specific to our situation with the math as to how much can be made before being taxed. If you are unable to do this, we opt for another Expert to complete the question.With her SS being $31,200 per year, what can she make as a 1099-Misc before being taxed?
Social Security Expert: Barbara, Enrolled Agent replied 8 months ago

I apologize if you are finding my explanations unclear for whatever reason.

I will opt out so another expert can assist you.

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