At what age can you earn as much as you want without being penalized on your SS income? What is the limit on allowed income before that time?
-
-
Tab 22 of TTB
Have a look at Tab 22 of your Tax Book (if you are a subscriber). There is a wealth of information on the very first page of that tab.
Or, you can find "some" of the answers here: https://www.ssa.gov/planners/retire/retirechart.htmlCircular 230 Disclosure:
Don't even think about using the information in this message! -
In general ss received prior to normal retirement age (based on DOB) is reduced. It varies between 25% to 7% based on DOB when SS is actually received.
The ss benefit may be partially taxable based on AGI. There is a worksheet you need to complete to figure out the amount.
If filing MFJ the threshold amount is $32,000. For single and HOH it is $25,000.Taxes after all are the dues that we pay for the privileges of membership in an organized society. - FDRComment
-
File and Suspend and Restricted Benefits
While we are on the topic of Social Security please let your clients know (that are around age 65) that they only have till April 1st to use these 2 very powerful social security options, then they are gone forever.Comment
-
Social Security rules
Suggest you first review this link --->>> https://faq.ssa.gov/link/portal/3401...ement-benefits
In the simplest of terms, if you are receiving Soc Sec benefits and have not yet reached your personal full retirement age (based upon year of birth), the dollar cap for earnings for 2016 of $15,720. After that, benefits are reduced.
Likewise, if your full retirement age is in the past, your wage/self-employment earnings will have no negative impact on your Soc Sec benefits. Earn all you want!
Things get a little more complicated for the once-in-a-lifetime occurrence for the year when you attain full retirement age. That process is also explained.
FEComment
Comment