Earnings Test

Is Your Gross Wages For The Social Security Earnings Test The Amount Shown In Box 1 Of Your W-2 Form?

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Larry, I'm trying to clarify the employment income to use for the SS earnings test and whether you can use Box 1 on your w-2 (which many times is reduced by 401(k) contributions). I read an article recently that stated Box 1 was the income you could use so wanted to see what your opinion was. Many articles I read online don't address this issue at all but I would think many people that want to keep working part-time and also make 401k contributions would want to know as it could change significantly how many hours they could work without limiting their SS payments.

Would My Children Be Able To Receive Benefits If I File Early?

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I will be 63 in 2020 and have two dependent minor children both 14 years old. I will be earning $64,000 FICA wages in 2020 (approx 46400 over the earnings limit). My estimated monthly Soc Sec Monthly Benefits at 63 will be $2000 a month for a yearly SSA benefit for myself of $24,000. However, our family max benefit is estimated at $48,000 a year.

Will My Earnings Prior To My Retirement Date Affect Either My Wife's Benefits Or My Spousal Benefits?

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This year my wife turns 62 in July and will file for her early benefit at that time. I will retire in September of this year at age 67 and over my FRA. At that time I plan on filing a restricted application for spousal benefit and allow mine to grow till age 70 when I file for my own benefit. My question is will my earnings I receive prior to my retirement date limit in any way the amount of my spousal benefit or my wife's benefit?

Hi,

If I Earned A Million Dollars, Would Social Security Withhold Half Of That Amount From My Benefits?

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Hi Larry,
I am thinking of retiring when I am 63 and collecting Social Security benefits so that I can write full-time. I understand that, if I do, and I make money on my writing, Social Security will withhold $1 for every $2 I would make over $17,040. My question: A scenario -- The wonderful dream comes true and, for my novel, I get a million dollar advance. Does this mean that Social Security would withhold $491,480?
Thank you.

Hi,

Will The Deferred Income Distribution My Husband Receives In 2019 Count For Social Security Purposes?

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My husband fully retired in April 2018. He will turn 66 in April 2019. He will be receiving a bulk sum distribution of his 457b account in Feb 2019. The monies in the account were deferred income from his years working for a nonprofit hospital. Will that distribution be considered 2019 income for Social Security purposes? (does the fact that is reported on a W2 form have any bearing on the matter?).