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I will be 66 February 14, 2017. I plan on continuing to work…

Customer Question
I will be 66...

I will be 66 February 14, 2017. I plan on continuing to work full time. I am married. I would like to start collecting my SS payments. At what tax income level would my benefits be taxed?

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. Please tell me more, so we can help you best.

What else are you asking for?

Accountant's Assistant: Is there anything else important you think the Retirement Accountant should know?

I want to know if I am going to pay taxes on my SS payments if I continue to work.

Submitted: 5 months ago.Category: Social Security
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Answered in 5 minutes by:
11/14/2017
Social Security Expert: lev-tax, Tax Advisor replied 5 months ago
lev-tax
lev-tax, Tax Advisor
Category: Social Security
Satisfied Customers: 32,643
Experience: Taxes, Immigration, Labor Relations
Verified

Several issues...

Your FRA - full retirement age is 66.

Full retirement age is the age at which a person may first become entitled to full or unreduced retirement benefits.

That means - your social security benefits are not affected regardless how much you earn.

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Social Security Expert: lev-tax, Tax Advisor replied 5 months ago

.

However while social security benefits are not taxable for most retirees - that is not for all - when your taxable income is above certain limit - social security benefits become partly taxable.

If you have other taxable income - here is a simple test...

To determine if any part of your social security benefits would be taxable - here is a simple test

- take a half of your social security benefits PLUS other taxable income.

- if the total is less than $25,000 - assuming you are single - NONE of social security benefits are taxable.

If above that threshold - there is a special worksheet to calculate a taxable portion.

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lev-tax
lev-tax, Tax Advisor
Category: Social Security
Satisfied Customers: 32,643
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