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Do I Pay Taxes On Social Security And My 1099?

My social security changed this year from survivors benefit to my own at 62 I have worked parry time and received a 1099 for 10000 dollars do I pay taxes on social security and my 1099 Mr social security last year was 11000.

Hi. My expertise is limited to Social Security benefits, not income taxes. However, I can tell you that if your 1099 income was for work that you did for someone as an independent contractor, then it likely needs to be reported as self-employment income (https://www.irs.gov/businesses/small-businesses-self-employed/self-emplo...). And, you would be required to pay Social Security taxes on any net earnings that you produce from self-employment.

Also, a portion of your Social Security benefits may be subject to income taxes depending on the amount of your other income. For more information on taxation of Social Security benefits, refer to the following Social Security website: https://www.ssa.gov/benefits/retirement/planner/taxes.html.

By the way, if you switched from collecting survivor benefits to drawing your own benefits at age 62, you may want to reconsider that decision. In many if not most cases, if a person is drawing survivor benefits and if they're eligible for a higher benefit amount based on their own earnings history, it's better strategy to allow their own benefit rate to grow until age 70 before switching from survivor to retirement benefits. You may want to strongly consider using our software (https://maximizemysocialsecurity.com/purchase) to fully analyze all of your options so that you can determine your best strategy for maximizing your benefits.

Best, Jerry

Posted: 
Feb 2 2022 - 11:44am
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