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Im 66 still worXXXXX, XXXXXual income $80,000. Should I start

I'm 66 still worXXXXX, XXXXXual...
I'm 66 still worXXXXX, XXXXXual income $80,000. Should I start drawing down my social security is 85% of my social security taxable?
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Answered in 13 minutes by:
9/1/2012
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15,872
Experience: 15years with H & R Block. Divisional leader, Instructor
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Robin D :

Hello and thank you for using Just Answer
At your rate of income you will be paying tax on your Social Security if you begin receiving payments while you are still working. That would be 85% of the SS payments to you. While you are working, your earnings will reduce your benefit amount only until you reach your full retirement age. After you reach full retirement age they recalculate your benefit amount to leave out the months when they reduced or withheld benefits due to your excess earnings.


I am going on your being born in 1946, you have reached retirement age.


If you are planning on retireing soon, you may want to wait, unless your income will not decrease after you retire. If you are able to itemize then you may be able to bump up a few items on the Schedule A (like making more charitable contributions) to lessen the taxable income.


If you are going to retire in in couple of years and your income will decrease, you may want to wait so your taxable income would be lower.


 


 


 

Robin D :

For looking at waiting in the hopes your income may be lower, here are the amounts that decide % of SS that is taxable.
No one pays federal income tax on more than 85 percent of his or her Social Security benefits based on Internal Revenue Service (IRS) rules. If you:



  • file a federal tax return as an "individual" and your combined income*is

    • between $25,000 and $34,000, you may have to pay income tax on up to 50 percent of your benefits.


    • more than $34,000, up to 85 percent of your benefits may be taxable.





  • file a joint return, and you and your spouse have a combined income*that is

    • between $32,000 and $44,000, you may have to pay income tax on up to 50 percent of your benefits


    • more than $44,000, up to 85 percent of your benefits may be taxable.





  • are married and file a separate tax return, you probably will pay taxes on your benefits.

Robin D :

Thank you in advance for a positive rating.

Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15,872
Experience: 15years with H & R Block. Divisional leader, Instructor
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