Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

My wife and I are 62 years old and retired. We do not have…

Customer Question
My wife and I are...
My wife and I are 62 years old and retired. We do not have any type of retirement program to put money into. I plan on going back to work on a part time basis. I started my social
security which has a limit of $15,720 ADDITIONAL MONEY I can make without a penalty above
my $1819 current check per month. QUESTION: IF I MAKE FOR EXAMPLE $20,720 IN A YEAR, CAN THE ADDITIONAL $5000 ( TO AVOID A SOCIAL SECURITY PENALTY FOR MONEY MADE OVER $15,720) .... BE DEPOSITED IN AND IRA AS A DEDUCTION TO BRING THE
INCOME BACK TO $15,720 FOR THE SOC. SEC. LIMIT.. STEVE ****
Submitted: 2 years ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 3 minutes by:
1/18/2016
Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 years ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,036
Experience: 15years with H & R Block. Divisional leader, Instructor
Verified

Hello

SSA would not look at the IRA contribution as lowering your income fro calculating the reduction. They look at your income as reported on your W2.

When they figure out how much to deduct from your benefits, they count only the wages you make from your job or your net earnings if you're self-employed. They include bonuses, commissions and vacation pay. A contribution to an IRA would not reduce that for you unfortunately.

After you view my response, please post below if you need more information or if you need no further clarification a positive rating is appreciated.
I know rating takes an additional step and I truly appreciate it when you take the extra time!

Ask Your Own Tax Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Robin D. Your Own Question
Robin D.
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,036
18,036 Satisfied Customers
Experience: 15years with H & R Block. Divisional leader, Instructor

Robin D. is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,495 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

18,036 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
My retirement income from my SEP-IRA is $15,000 per year,
My retirement income from my SEP-IRA is $15,000 per year, and is taxable. I also receive an additional amount from our Roth IRA. My monthly SS income is $2,216 for me and my wife (based on my income) … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I am presently retired. At the moment my only income is my
Hi, I am presently retired. At the moment my only income is my wife's pension (I am waiting to draw my SS until I turn 66 - one year from now). I have some stocks that have been sitting in my former e… read more
taxmanrog
taxmanrog
Master\u0027s Degree
968 satisfied customers
Is California IHSS provider income deductible if the
Is California IHSS provider income deductible if the recipient is my mother who lives with me and I am her main care provider? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,238 satisfied customers
I am retired. My income consists of stock sales( term) and
I am retired. My income consists of stock sales(long term) and dividends. There is no other earned income. What kind of capital gains would I have to pay on the volume of the stock I sell? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
If you are 85 and living on retirement income, do you have
if you are 85 and living on retirement income, do you have to file a tax return? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
18,036 satisfied customers
Are social security retirement benefits subject to Federal
Are social security retirement benefits subject to Federal withholding taxs … read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,238 satisfied customers
Is military retirement income taxable in the state of
Is military retirement income taxable in the state of Hawaii . I asked this question before and was told that military retired pay was not taxable in Hawaii.what's your opinion?… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Why are my retirement benefits on my 1099R taxed at 6%? No
Why are my retirement benefits on my 1099R taxed at 6%? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I hope so. We file jointly(married and retired) Our income
Thanks, ***** ***** so. We file jointly(married and retired) Our income this year increased from $87,000 to $108,000 however our taxes owed, as we calculated, increased from $3396 to $7812. Is this po… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,238 satisfied customers
I'm retired only income is my pension and, And my social
I pay out of pocket for a caregiver - $32,000 - I am bedridden. My total income is $58,000 - do I key the caregiver salary are a medical deduction? … read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
For 2018, what is the income limit to be able to deduct
for 2018, what is the income limit to be able to deduct rental losses … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I am retired us citizen collecting ss benefits, my incom is
I am retired us citizen collecting ss benefits, my incom is smal and I do not pay any taxis, I have disabled child who is collecting 1/2 disabled ss benefits, I decided to move permanently to Poland, … read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,238 satisfied customers
CPA or Social Security retirement benefits expert only:
CPA or Social Security retirement benefits expert only: Social Security just sent me a notice that I was overpaid for Social Security retirement the year I turned 66. I am aware that they only deduct … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Tax deductions. Can i deduct the conversion on my income
tax deductions JA: The Accountant will know how to help. Please tell me more, so we can help you best. Customer: can i deduct the conversion on my income taxes JA: Is there anything else the Accountan… read more
Robin D.
Robin D.
Senior Tax Advisor 4
18,036 satisfied customers
Is inheritance money taxed as income? I'm retired a year.
I'm retired a year. Approx income 60k Was informed am likely to receive @ 250k as an inheritance. Coming from my dad who thankfully has not departed us but is passing this on now rather than later. … read more
Carter McBride
Carter McBride
LLM
1,132 satisfied customers
We have a executive retirement package with death benefits
We have a executive retirement package with death benefits if the executive dies before retirement. Is this treated as life insurance or as a retirement annuity? … read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
1,043 satisfied customers
A retired person is receiving ss benefits. They sold an
a retired person is receiving ss benefits. They sold an investment property and now wish to place the proceeds into laddered CD's. this will generate interest income. is there a calculator that can fi… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I am retired and my only income is SS retirement benefits.
I am retired and my only income is SS retirement benefits. My wife works and will make about $40,000.00 in 2017. I want to file married filing separate for 2017 - avoiding an any tax on my SS benefits… read more
Robin D.
Robin D.
Senior Tax Advisor 4
18,036 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x