Taxation Of Benefits

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,

I will be 66 on May 5th and am scheduled to receive my first benefit check on June 12th .I work as a project manager for a government contractor. I am married, but my wife doesn't work. We have custody of our grandson who is seven. I make $83,200/year gross. So how much should I have deducted from my social security benefit to avoid having to pay next year?

Hi,

How do I calculate taxes on Social Security?

Hi,

You can find an outline of the rules regarding taxation of Social Security benefits on the following Social Security website: https://www.ssa.gov/planners/taxes.html.

Best, Jerry

I turn 60 in July and my husband passed away in 2010. I want to continue to work and get the death benefit. I understand they will take a percentage of the benefit while im working but i need to know if i will have to pay taxes on the amount received, over and above what they keep because of me working ?

Hi,

I'm sorry for your loss.