My husband just filed at 67. We have 2 underage children who are eligible for benefits on his record and I am not yet retirement age and am eligible for the child in care benefits. I'm not sure if I should take the child in care or just let the amount go to the children up to the family maximum, and also wonder if me or my children should take the 6 month retroactive benefits.
Taxation Of Benefits
i estimate my income with ss to be about 30,000 will i pay income taxes on ss. i am single and no dependents
In May I will be 66 and will have reached full retiremnt age. I have been informed that I will recieve approx $2158 monthly if I choose to start collecting. How much tax will I pay on this ?
I do plan to continue working where I earn approx $65,000 yearly.
when the ins co deduct $134/mo from my social security check does this reduce the taxable amount of my income
I assume that the $134 monthly deduction to which you are referring is your Part B Medicare premium. Those premiums do not reduce the amount of your Social Security income that could potentially be taxable. For more information on taxation of Social Security benefits, refer to the Social Security website: https://www.ssa.gov/planners/taxes.html.
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,
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.
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.
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.
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?
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.