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In 2016 I cash a bond for 80 thousand and I may over 100…

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In 2016 I cash...

In 2016 I cash a bond for 80 thousand and I may over 100 thousand that year my social security was cut from 979 to 888 in 2017 I may under 16 thousand , I m going to get the money back this year ?

Accountant's Assistant: The Retirement Accountant will know how to help. Is there anything else important you think the Retirement Accountant should know?

Every year since I retired I make under 16 thousand a year except when I cash a bond social security is my main income .

Submitted: 8 months ago.Category: Social Security
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Answered in 11 minutes by:
12/13/2017
Social Security Expert: Carter McBride, CPA replied 8 months ago
Carter McBride
Category: Social Security
Satisfied Customers: 1,310
Experience: Adjunct Professor
Verified

Hey! I'm Carter, I'm a CPA and can help you out with this.

If you made under $16,000, then there is a high likelihood that you will receive a refund of any taxes withheld on your Social Security or at any other source. Without seeing your individual tax documents or your personal situation, I cannot say 100%.

If you are single, then the standard deduction and personal exemption will mean you do not pay tax on the first $10,400 of your income. If it is all Social Security income, then it will most likely not be taxable anyways.

Hope that helps. Let me know if you need anything clarified. If not, please leave rating. Thanks!

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Social Security Expert: Carter McBride, CPA replied 8 months ago

Hey! Just wanted to follow up to see if you need anything else. If not, please leave a rating. Thanks!

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