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My iimit social security on income is $17,0000. If I go over…

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My iimit social...

My iimit social security on income is $17,0000. If I go over how much will I be taxed on?

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My limit on Social Security income is $17,000 a year, if I go over how much will I be penalized on taxes

Submitted: 6 months ago.Category: Social Security
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11/29/2017
Social Security Expert: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 6 months ago
Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Social Security
Satisfied Customers: 2,496
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
Verified

Welcome to Just Answer! My name is ***** ***** I will be able to assist you today.

If you are under full retirement age which is currently 66 years old then your benefits would be deducted by $1 for every $2 over $16,920 that you earn.

If you are currently the over the full retirement age, your benefits won't be reduced regardless of the amount of income you make.

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Social Security Expert: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 6 months ago

Going over $17,000 won't necessarily increase your tax bracket, but may reduce the amount of benefits you receive.

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Social Security Expert: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 6 months ago

I would be happy to answer any follow up questions you may have.

At the conclusion of our conversation please take a moment to accept the answer by rating the answer with three stars or more.

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Thank you!

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Social Security Expert: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 6 months ago

If you have no additional questions please take a moment to accept the answer so I may be credited by JustAnswer for the work I completed.

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Chad EA, CFP ®
Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Social Security
Satisfied Customers: 2,496
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Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA

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