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.
Taxation Of Benefits
Hi. Are IRA distributions considered income for the determination of taxation of social security benefit? My only income is what I withdraw from my IRA.
Thanks for your help.
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% .
My only income is money I withdraw from my IRA - I have no W-2 income. I will not take social security until my FRA. Will my social security benefit be taxed based on my IRA withdrawal?
My 19 year old Special Needs Child (adult) receives SSI. She has a seasonal job as well working 3-6 hours a week. Will she need to file her SSI income on taxes? Can my husband and I still claim her on our taxes as a disabled adult child?
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.
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?
Do I pay social security tax on my social security benefits once I start receiving them
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.
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.