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I turned 66 on 01/15/2017. I started receiving social

Customer Question
I turned 66 on...

I turned 66 on 01/15/2017. I started receiving social security and a small pension from a previous job and continued to work part time. Is there a limit as to how much I can earn/year and not be penalized.

Accountant's Assistant: These retirement benefits are supposed to help us but they can be so complicated! The Retirement Expert will help you get the most benefits properly. Is there anything else important you think the Retirement Accountant should know?

I was recently told by the person doing my taxes that I owe $6,000.00 as I earned too much money in 2017 even though I was 66 and that I should also consider reducing my SS monthly amount by 25%.

Submitted: 1 month ago.Category: Tax
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Answered in 13 minutes by:
3/16/2018
Tax Professional: Lev, Tax Advisor replied 1 month ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,708
Experience: Taxes, Immigration, Labor Relations
Verified

Full retirement age (FRA) is the age at which a person may first become entitled to full or unreduced retirement benefits.

Your FRA is 66.

Starting with the month you reach full retirement age, you can get your benefits with no limit on your earnings.

However - your social security benefits might be partly taxable - and that depends not just on your earning - but on your other taxable income.

.

Here is a simple test

- take half of your social security benefits

- plus other taxable income

- if the total is less than $25,000 - for a single person

- none of your social security benefits are taxable.

If more - there is a special worksheet to calculate a taxable portion.

I will verify if you provide amounts.

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Tax Professional: Lev, Tax Advisor replied 1 month ago

I appreciate if you take a moment to rate the answer.

Experts are ONLY credited when answers are rated positively.

If you still have any doubts, need clarification - please be sure to ask.

I am here to help you with all Social Security / Tax related issues.

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Lev
Lev
Lev, Tax Advisor
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Satisfied Customers: 32,708
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