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I made income on a 1099 and draw social security. How much…

Customer Question
I made income on...

I made income on a 1099 and draw social security. How much tax will I have to pay on the money earned on the 1099. and do I also have to pay social security back

Accountant's Assistant: The Retirement Accountant will know how to help. Please tell me more, so we can help you best.

I am 65 and draw 11,450 in SS but made 26,000 on a 1099

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

Like what

Submitted: 4 months ago.Category: Social Security
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Answered in 2 minutes by:
3/13/2018
Social Security Expert: lev-tax, Tax Advisor replied 4 months ago
lev-tax
lev-tax, Tax Advisor
Category: Social Security
Satisfied Customers: 33,117
Experience: Taxes, Immigration, Labor Relations
Verified

Income reported on form 1099misc will be classified as self-employment income.

But you will need to deduct your business expenses.

ONLY net business income (after deductions) will be taxable.

Can you estimate your business expenses?

I will help with calculations.

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Customer reply replied 4 months ago
I was doing private care and there is not a great amount to use. I am not aware of certain items I can use
Customer reply replied 4 months ago
I do not want to pay additional fees for my answers
Social Security Expert: lev-tax, Tax Advisor replied 4 months ago

But do you have ANY business related deduction or NONE ?

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Customer reply replied 4 months ago
None
Customer reply replied 4 months ago
I file joint with my husband who still works
Customer reply replied 4 months ago
We had a combined income of 63759.00 and only 2545.00 withheld on taxes
Social Security Expert: lev-tax, Tax Advisor replied 4 months ago

Several issues before we may discuss your total joint tax liability...

1.

out of that $26,000 - 24,163 will be considered your earned income

2.

that will result Self-Employment Tax:$3,673

3.

because you are below your full retirement age - your earning is limited for 2017 by $16,920

so you are above that limit by 24,163 - $16,920 = $7243

that will result over-payment of your social security benefits by $7243 / 2 = $3621

That amount the SSA will ask you to pay back.

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Customer reply replied 4 months ago
will I also pay federal income tax on it to or the amount I pay back goes to the ss
Social Security Expert: lev-tax, Tax Advisor replied 4 months ago

Federal income tax liability will be calculated based on your total income

- not separately on that payment

- but yes - that amount will be added to your joint gross income

- a part of your social security benefits will be taxable - as they were received in 2017.

You will likely re-pay in 2018 - so on 2018 tax return you might be able to claim a deduction for repayment.

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Social Security Expert: lev-tax, Tax Advisor replied 4 months ago
I appreciate if you take a moment to rate the answer.Experts are ONLY credited when answers are rated positively.If you still have any doubts, need clarification - please be sure to ask.I am here to help you with all Social Security / Tax related issues.
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