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I'm 68 and thinking about taking out social security while I…

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I'm 68 and thinking...

I'm 68 and thinking about taking out social security while I continue to work. I.e., this year I have a before-tax income of maybe $72k. If I additionally get SS at $2243 per month, how will that affect my taxes next year?

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

Not that I know of.

Submitted: 7 months ago.Category: Tax
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Answered in 1 minute by:
12/27/2017
Tax Professional: PDtax, Certified Public Accountant (CPA) replied 7 months ago
PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 5,123
Experience: 35 years tax experience, including four years at a Big 4 firm.
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Hi from Just Answer. I'm PDtax, and can assist.

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Customer reply replied 7 months ago
I'm 68 and thinking about taking out social security while I continue to work. I.e., this year I have a before-tax income of maybe $72k. If I additionally get SS at $2243 per month, how will that affect my taxes next year?
Customer reply replied 7 months ago
Maybe another time. Thanks!
Tax Professional: PDtax, Certified Public Accountant (CPA) replied 7 months ago

Sorry, had to walk the dog.

Please confirm you couldn't wait.

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Tax Professional: emc011075, Tax adviser replied 7 months ago
emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3,979
Experience: IRS licensed Enrolled Agent and tax instructor
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Hi. My name is ***** ***** I will be happy to help you.

If you continue earning 72K and start collecting SS benefits, 85% of your benefits will be included in your income. It will increase your income by about 23K, possibly pushing you into higher tax bracket.

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