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Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 3281
Experience:  18+ years of experience in tax preparation; 25+ years of experience as a real estate/corporate paralegal.
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I have tried and tried to pay and now locked out, my questin

Customer Question

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: 1 year ago.
Category: Tax
Expert:  Barbara replied 1 year ago.
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.
Please let me know if you require further information or clarification.
Thank you and best regards,