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I have tried and tried to pay and now locked out, my questin

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was i am on my...
i have tried and tried to pay and now locked out, my questin was i am on my husband's ssi, he died 3 years ago, and i can only make $14640.00 a year until i turn 66years of age, which in july i become 65, so anything over $14650 i make over that i pay for every two dollars made pay back a dollar, i have a annutity in august muturing, wanted to take a lum sum, because not happy with the company, but will it affect my social security, and will i have to pay back social security if i do get a lump summ this year
Submitted: 2 years ago.Category: Tax
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Answered in 3 hours by:
8/5/2015
Tax Professional: Barbara, Enrolled Agent replied 2 years ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 4,070
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** it will be my pleasure to assist you with your tax question today.
These are the three items Social Security counts as earnings:
Gross wages for services rendered in the taxable year.
Contributions into insurance, annuities or funds that make payments on or after retirement.
Net earnings from self-employment.
Because you are referring to a DISTRIBUTION from your annuity rather than a CONTRIBUTION, the distribution you are planning to take in August does not count as earnings and will not affect your Social Security benefit amount.
http://www.ssa.gov/planners/retire/annuities.html
Please let me know if you require further information or clarification.
Thank you and best regards,
Barb
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Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 4,070
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Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.

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