Ask Larry

Taxation Of Benefits

Will I Be Able To Set Up Income Tax Withholding When I Apply?

Hi Larry,
Both my wife and I are currently receiving Social Security benefits.
My wife retired at age 66 (born March, 1954) and is receiving her full PIA, $1032.
I was born in October 1952, so I have been receiving spousal benefits based on a restricted application.
When I reach the age of 70, I will start drawing benefits ($3870) on my own record.
Neither of us are having federal income taxes withheld from our benefits at this time.

Posted: 
Monday, April 4, 2022 - 14:27

What Can I Do About My Benefits Being Taxed?

I just filed for my husband to receive his Social Security, he will be 62 next month. He has a nice pension with Florida Retirement, 32 years LEO. I am retired FERS, three prong retirement, retirement, FERS supplement, and TSP. FERS supplement will go away upon my turning 62 and I am "supposed" to begin collecting Social Security to replace it. Well my thoughts on taxes took me to the Internet today and I discovered that if a married couple earns/receives more than $44,000 annually their Social Security is taxed at 85%.

Posted: 
Tuesday, January 25, 2022 - 08:06

Is My Tax Adviser Correct About My SSDI Benefits Being Taxed?

I am on SSDI and have master node and staking profit for the tax year of 2021 which I never cashed out of still sitting in my accounts. My tax advisor stated that since I made money in the staking and master nodes that 85 % of my ssdi may be taxed if the staking and master node I receicved is above a certain amount
I never heard of this before is she correct

Posted: 
Saturday, January 22, 2022 - 10:12

Can You Verify The Accuracy Of An Article I Read?

Can you verify the accuracy of this article. The article states that once you achieve Full Retirement Age you no longer are required to pay any income tax on your social security earnings regardless of how much you earn or receive from pensions, IRAs, etc. To my knowledge this is not true, but has there been a change to the Social Security income taxation rules? I thought that you had to be aware that there is a potential that your Social Security could always be subject to the 50%/85% taxation even after reaching Full Retirement Age.

Posted: 
Monday, October 11, 2021 - 14:19

What Information Can You Give Me About Taxes On Benefits?

Hello Larry, I’ll be 66 and 4 months August of 2022 and although I’m currently working and plan to work a couple more years I want to start receiving SS benefits then. I understand at FRA there’s no penalty on benefits however I understand there are taxes on the benefits if I make “too much money”. My benefits put me at 32400 not counting my regular paycheck.any information is greatly appreciated.
Tom

Posted: 
Tuesday, August 17, 2021 - 16:31

If A Married Couple Files Taxes Separately Is There Still A Income Threshold For Determining If Your Social Security Benefits Are Taxable?

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% .

Posted: 
Tuesday, May 25, 2021 - 21:37
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