My husband was planning on applying for Social Security next January 2022 when he turns 68. This would allow him to apply for a retirement program in Belize since he would then have a guaranteed income over the requirement for QRP in Belize.I am 14 years younger and planned on continuing to work remotely for at least a year. I make 67k-72k a year. We recently learned that if he takes his Social Security and I continue to work that we will be over the married limit of $44,000 in income a year and that his Social Security will then be subject to taxes... up to 85% .

My only income is money I withdraw from my IRA - I have no W-2 income. I will not take social security until my FRA. Will my social security benefit be taxed based on my IRA withdrawal?

My 19 year old Special Needs Child (adult) receives SSI. She has a seasonal job as well working 3-6 hours a week. Will she need to file her SSI income on taxes? Can my husband and I still claim her on our taxes as a disabled adult child?

Hi,

Greetings,

You indicate that a spouses benefit would not be reduced by the working spouses continued income. My wife has been retired for 3 years, she filed for her benefit at age 66. We were notified that she would received a reduced payment based on out Jint tax filing which was 100% my income. The reduction was in in the area of 20%.

Can you direct me to a way to understand? Perhaps expoloation of filing married but seperate?

Thank you for your time.

Best Always,
Mike

Hi Mike,

I am 68 Y/O and deferring my benefit until 70. I am nervous with all the changes, covid, economy, etc. if this is still the wise thing to do? Can they tax our benefit?

Hi,

Do I pay social security tax on my social security benefits once I start receiving them

Hi,

You wouldn't pay Social Security taxes on the benefits you receive, but you may be required to pay income taxes on part of that income. For more information, refer to the following Social Security website: https://www.ssa.gov/benefits/retirement/planner/taxes.html.

Best, Jerry

Hello Larry,
I am having difficulty getting straight answers to how taxes work on my LTD and SS disability.

My husband is receiving SSDI. When I return to work what is the maximum amount I can make yearly before his SSDI becomes taxed? Does it sway the figures in our favor if I contribute to a 401k? I do not understand why such a rule even exists. He has higher medical bills than most so it is impossible to live off just one income.

Hi,

I am going to retire 66 and 2 months in May of 2021. I would like to know how much federal tax I will have to pay. I read an answer of yours already and know that based on total income that I will either have to pay taxes of either 50 to 85%. My question is at what federal tax rate percentage will I have to pay. 20% 25 %?? Does it depend in what state I live which is New York?

Hi,

Hi Larry,
I will turn 66 on 12/26/2019 , still working. as long as I can.
I applied for SS benefits starting January 2020
Will I be taxed for the SS Benefits?
If yes, can I cancel my benefits as I have not received yet.

Hi,