Ask Larry

Taxation Of Benefits

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

Should My Wife And I File Separate Tax Returns To Avoid Paying Income Taxes On Her 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,

Posted: 
Monday, December 28, 2020 - 09:49
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