Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

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

Customer Question
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: 4 months ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 1 minute by:
12/27/2017
Tax Professional: PDtax, Certified Public Accountant (CPA) replied 4 months ago
PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 5,033
Experience: 35 years tax experience, including four years at a Big 4 firm.
Verified

Hi from Just Answer. I'm PDtax, and can assist.

Ask Your Own Tax Question
Customer reply replied 4 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 4 months ago
Maybe another time. Thanks!
Tax Professional: PDtax, Certified Public Accountant (CPA) replied 4 months ago

Sorry, had to walk the dog.

Please confirm you couldn't wait.

Ask Your Own Tax Question
Tax Professional: emc011075, Tax adviser replied 4 months ago
emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3,687
Experience: IRS licensed Enrolled Agent and tax instructor
Verified

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.

Ask Your Own Tax Question
Was this answer helpful?
Ask Wallstreet Esq. Your Own Question
Wallstreet Esq.
Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 586
586 Satisfied Customers
Experience: 10 years experience

Wallstreet Esq. 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

15,272 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
Tax question: US citizen living in Finland, with income
Tax question: US citizen living in Finland, with income produced only in Finland and taxed in Finland needs to file US return for 2017. Which is better to use for filing, please discuss the pro's and … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,272 satisfied customers
VA income tax return form 760, Line 16, “ Taxable Income -
VA income tax return form 760, Line 16 , “Virginia Taxable Income - Subtract Line 15 from Line 9” what are the two bubbles “DTD” and “LTD” ? Should I fill in one ?… read more
PDtax
PDtax
Certified Public Accountant (CPA)
5,033 satisfied customers
PDTax need assistance. On a 1041 there is a Decedent's
PDTax need assistance. On a 1041 there is a Decedent's Estate Created at time of death. First year of death 2016. A final 1040 return was filed for year of death 2016. There was a RVOC trust created i… read more
Dr Arthur Rubin
Dr Arthur Rubin
Doctoral Degree
24 satisfied customers
I need to get my SS income for last year for income tax
I need to get my SS income for last year for income tax purposes. can't find my info. … read more
Gerald, Esq
Gerald, Esq
Juris Doctor
3,857 satisfied customers
Income tax issue; my wife draws SS benefits, I live and work
Income tax issue; my wife draws SS benefits, I live and work in Jay OK, she has been staying and living with her sister in Texas, taking care of her sister who has been going through chemo and surgeri… read more
Dr Arthur Rubin
Dr Arthur Rubin
Doctoral Degree
24 satisfied customers
Do i have to file income tax.. Nothing as i have no income
do i have to file income tax JA: What state are you in? It matters because laws vary by location. Customer: washington JA: What steps have you taken so far? Customer: nothing as i have no income excep… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,272 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
If a person did not file income tax for 4 years and then
If a person did not file income tax for 4 years and then passed away, can the taxes be legally filed after death? … read more
Richard
Richard
Tax Attorney
Doctoral Degree
4,495 satisfied customers
When is SSI considered taxed income (married filing
When is SSI considered taxed income (married filing jointly), … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,272 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
5,117 satisfied customers
Do you have to claim your kids income on the income tax if
Do you have to claim your kids income on the income tax if they earned $ after they moved out?… read more
emc011075
emc011075
Tax adviser
3,687 satisfied customers
How can I apply for refund of social security benefits taxes
Second opinion] how can I apply for refund of social security benefits taxes withHeld in 2015 AND 2016 due to repayment of benefits in 2016 AND 2017? My box 4 for 2017 SSA 1099 is less than box 3.I am… read more
PhillipsEsq.
PhillipsEsq.
Attorney-at-Law
JD
59 satisfied customers
How can I apply for refund of social security benefits taxes
how can I apply for refund of social security benefits taxes witheld in 2016 due to repayment of benefits in 2017? My box 4 for 2017 SSA 1099 is less than box 3. … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
What is the tax benefit rule? What is the Tax Benefit Rule?
What is the tax benefit rule? JA: The Accountant will know how to help. Please tell me more, so we can help you best. Customer: What is the Tax Benefit Rule? JA: Is there anything else important you t… read more
PDtax
PDtax
Certified Public Accountant (CPA)
5,033 satisfied customers
TAX: Taxpayer receives their income (that is taxed) via
TAX: Taxpayer receives their income (that is taxed) via direct deposit. They then withdraw money (let's say $100) from their checking account and puts that money in an IRA. When the taxpayer withdraws… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,272 satisfied customers
Is there any tax benefit to depreciating a rental property
Is there any tax benefit to depreciating a rental property held in an LLC in a Solo 401k? Do I even need to depreciate at all since the balance is below $250k?If there is no benefit, is there some way… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Is workers comp Temporary Income Benefits taxable? Will I
Is workers comp Temporary Income Benefits taxable? Will I get a 1099? … read more
abci168
abci168
Principal
27 satisfied customers
For PDtax only. I just googled new tax law changes. I am a
ForCustomeronly. I just googled new tax law changes. I am a real estate investor. Landlord for rentals and also flip some houses. One of the changes I read said "Carried Interest The final bill includ… read more
PDtax
PDtax
Certified Public Accountant (CPA)
5,033 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