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I will start receiving social security benefits in July and

will beworking part time...
I will start receiving social security benefits in July and will beworking part time. I currently receive a pension of $300 permonth. Does this pension count as income which affect the total amount I can make under social security?
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3/1/2012
winktax
winktax, Enrolled Agent
Category: Tax
Satisfied Customers: 425
Experience: 18 years experience as an Enrolled Agent, insurance agent, stock broker and financial advisor.
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winktax : Two issues. One, no the $300 per month pension does not affect your social security as far as the limitation on earnings while receiving social security before reaching FRA - Full retirement age -. A person receiving social security who is under FRA is limited in earning no more than $14,640 in earned income (wages, self employment income) when one earns more than $14,640 then one would payback social security $1 for every $2 earned over the limit.
winktax : Two, social security itself can be taxable, up to 85%. This calculation would include all your taxable income including your $300 pension and up to 50% of social security.
winktax : If you are over FRA, there is no limit on the amount of earned income.
Customer:

so I will be 64 when taking ss - does that mean my pension of $300 plus my part timejob would take meover the$14640 mark and Iwoudl have pay $1 for every$2 over?

winktax
winktax, Enrolled Agent
Category: Tax
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Experience: 18 years experience as an Enrolled Agent, insurance agent, stock broker and financial advisor.
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