Taxation Of Benefits

I was getting SS checks of $734 until 2 years ago when they cut it back to $432
Because my investments earned too much money, or SS said "I make too much?"
Can I deduct the loss of approximately $300 a month on my income tax?
Thanking you in advance for your reply, I remain,
C.

Hi C.,

As a couple, I know we can earn up to $32,000/yr. over our Social Security benefit. My question is does my wifes pension count towards that $32,000. She was a teacher and will collect from a PERA fund and she won't collect Social security.

Hi,

I received a lump sump from SS that included the prior year. I am working through publication 915 worksheet 2 for prior year refigured tax to see if the lump sum election saves me any taxes. Line 19 shows your refigured taxable benefits. Can you explain exactly what they are asking for on line 20 (enter your taxable benefits for the earlier year or refigured due to a previous lump sum for that year). Are they asking for the refigured amount on line 19, the total for that year from line 1, other taxable benefits that you already reported or maybe something else. Thanks.

I currently draw 18168.00 a year in social security. My question is how much more a year can I make ( ie: selling stock or selling some things in my house) before I have to pay taxes. I am 64 and totally disabled. will be 65 in 4 months.

Hi,

Sorry, but I'm not a tax expert. You might try searching for an answer on irs.gov (https://www.irs.gov/).

I am married and file my taxes jointly. We both collect SS as we are in our 70's. what is the max AGI I can have before our SS or Medicare benefits are reduced ? I supplement my income by cashing in IRA funds.
Thanks

Hi,

Your Social Security benefits and Medicare coverage won't be reduced no matter how much income you have. However, if your yearly income is high enough, you may have to pay income taxes on a portion of your Social Security benefits, and your premium rates for Parts B & D of Medicare may be increased.

My wife and I are 62. Can she retire and claim her benefits while I still work to full retirement age? Also, I am of the assumption that if she can, that income would be taxable if we file jointly?

Thanks, Chris

Hi Chris,

Yes, if your wife qualifies for benefits based on her own work record, she can receive benefits regardless of your work and earnings. Of course, if she files at age 62, she will be taking a reduced benefit amount.

Hi,
Is there a good source for checking which states don't tax pension or SS benefits? Will the Fed tax my pension & SS benefits? If yes, how do I estimate the amount? Can state taxes change each year?

Thanks, Laura

Hi Laura,

Larry,

I am 63 and have a 15 year old daughter. I understand she can get 1/2 of my max benefit until she graduates High School. I can still work but am wondering about taxes. Does she pay or do i pay on hers?

Hi,

Your daughter's benefits are considered as her income, not yours, so you won't be liable for paying taxes on them. And, unless she has a yearly income of more than $25,000 counting one-half of her SS benefits, she won't owe tax on them either.

Best, Jerry