Social Security

It's taxable when your other income is above a certain point. My mom doesn't pay any taxes on hers because she has low income. I have to pay taxes on *part* of mine because I also have a pension and interest income that goes over the "limit". There's a worksheet that will show you if you are exempt or how much you'll have to pay taxes on.
 
jujube said:
It's taxable when your other income is above a certain point. My mom doesn't pay any taxes on hers because she has low income. I have to pay taxes on *part* of mine because I also have a pension and interest income that goes over the "limit". There's a worksheet that will show you if you are exempt or how much you'll have to pay taxes on.
Click to expand...
Best info...
 
I believe that up only 50% of SS is taxable... if your income is over $41,000 a year.. up to 80% is taxable.. that is what I read.. I'll find out for sure next year. I'm having money taken out of my SS for Federal Taxes.. I get my first check next month. My State does not tax SS money.
 
jujube said:
It's taxable when your other income is above a certain point. My mom doesn't pay any taxes on hers because she has low income. I have to pay taxes on *part* of mine because I also have a pension and interest income that goes over the "limit". There's a worksheet that will show you if you are exempt or how much you'll have to pay taxes on.
Click to expand...

Gads, I hope you are right jujube, I understood my SS (pretty low) is not going to be taxed, and, I can earn up to a certain amount with that SS, and still not be taxed. I think that is fair and good. There should be a line drawn if I make way more in my senior years, but I can't believe I will just pet-sitting.
 
Georgia Lady said:
I get so little SS that I would be living at Daughter's, if not for Husband's Life Insurance and owning my home & car.
Click to expand...

I hear you Linda;) A lot of us are in that boat;) I think we'll be ok, but we have to pay attention, there are those in this country that want our little, bit of dough and they don't care how they get it. Yep, I've been visiting the political threads, and boy am I glad!!
 
Ken N Tx said:
Best info...
Click to expand...

Yes, so far so good, we don't have to pay if our income is below X amount, plus, we can earn up to a certain amount (I want to say 1400 but that could be off, and that includes out SS) before we have to pay taxes. As always, I'll file and let them do their thing. Heaven forbid they think I'm some "senior" miser that isn't reporting the millions I've made pet-sitting, LOL!!
 
QuickSilver said:
I believe that up only 50% of SS is taxable... if your income is over $41,000 a year.. up to 80% is taxable.. that is what I read.. I'll find out for sure next year. I'm having money taken out of my SS for Federal Taxes.. I get my first check next month. My State does not tax SS money.
Click to expand...

I think that SS money is not taxed, only amounts of money made above that amount, and it has to be a "certain" amount above. You can earn more, but only to a point before it is taxed. At least that's how I see the info at this point.
 
rkunsaw said:
Social security income is not taxable at all by itself. It can be partially taxable if you have enough other income. The amount changes so I suggest you ask a CPA.
Click to expand...

Exactly, that is how I've gathered it. Thanks for the affirmation;) denise
 
Mrs. Robinson said:
Ahh,thanks for the clarification. We have always had other income as well so we still pay taxes...
Click to expand...

Right Mrs. R. because I plan on having my 5 cents a glass of lemonade stand to help supplement my SS;) I am way excited because where I'm moving has lots of sunshine;) Lemon trees?? Hope so;) hugs, denise
 
Here's the Straight Scoop...directly from the SSA Web Site. SS is taxable depending upon how much income you have in a given year. If your annual income is above $34,000, for a Single Filer, or over $44,000 for a couple, the tax rate is 85%. If you make less than $25K (single), or $32K (married), there is no tax on SS benefits.

http://www.ssa.gov/planners/taxes.htm
 
Don M. said:
Here's the Straight Scoop...directly from the SSA Web Site. SS is taxable depending upon how much income you have in a given year. If your annual income is above $34,000, for a Single Filer, or over $44,000 for a couple, the tax rate is 85%. If you make less than $25K (single), or $32K (married), there is no tax on SS benefits.

http://www.ssa.gov/planners/taxes.htm
Click to expand...

nwlady said:
Thanks Don, we needed that instead of just guessing what it is;)
Click to expand...

That is correct...I just could not find it..

Like said before, you will get a (SSA 1099) worksheet at the end of the year to see if you need to pay any tax..
Untitled.jpg
 
nwlady said:
Yes, so far so good, we don't have to pay if our income is below X amount, plus, we can earn up to a certain amount (I want to say 1400 but that could be off, and that includes out SS) before we have to pay taxes. As always, I'll file and let them do their thing. Heaven forbid they think I'm some "senior" miser that isn't reporting the millions I've made pet-sitting, LOL!!
Click to expand...

If you take your SS before your full retirement age, you are able to earn up to $15,720 a year without it affecting your SS. then.. for every $2 you earn above that amount $1 is taken back from your SS. However, if you work to your full retirement age like I have... age 66.. You can collect your full SS benefit with no limit on your earnings... which is what I am doing.. I can make as much as I want without penalty.
 
QuickSilver said:
If you take your SS before your full retirement age, you are able to earn up to $15,720 a year without it affecting your SS. then.. for every $2 you earn above that amount $1 is taken back from your SS. However, if you work to your full retirement age like I have... age 66.. You can collect your full SS benefit with no limit on your earnings... which is what I am doing.. I can make as much as I want without penalty.
Click to expand...
.
I believe that is without penalty to your benefit, but if you earn more you will have to pay income tax on your SS..Am I right??
 
I will let you know in four weeks when I get my taxes done....I do know you can earn up to 15,000 something...and taxes are being taken out of my SS...this is the first year I have drawn.....taxes can't live with them but we would be in bad shape without them....no SS for one thing
 
Don M. said:
Here's the Straight Scoop...directly from the SSA Web Site. SS is taxable depending upon how much income you have in a given year. If your annual income is above $34,000, for a Single Filer, or over $44,000 for a couple, the tax rate is 85%. If you make less than $25K (single), or $32K (married), there is no tax on SS benefits.

http://www.ssa.gov/planners/taxes.htm
Click to expand...

Yes... and because Social Security IS taxed if your total income is over that specified amount.. is why when I applied for my Benefits, I have opted to have Federal withholding taken directly out of my SS check before I even get it. The options are 20%, 15%, 10% and 7%. Both my husband an I have opted to have 10% withheld. We know we will have an income over $44,000 this year.. So that withholding is in addition to what we have withheld from our regular salaries. Hoping we will not have to pay too much, but if we do, I will have to increase what is being withheld from my SS at least until I retire and my income decreases.
 
Ken N Tx said:
.
I believe that is without penalty to your benefit, but if you earn more you will have to pay income tax on your SS..Am I right??
Click to expand...

Yes.. My husband started collecting SS. He is only 63. He is a respiratory therapist and works an occasional shift through an agency. He has to be very careful how much he is earning per month as we don't want to get to October or November and find that he cannot take any more shifts because he has gone over $15,720
 
You must log in or register to reply here.
Back
Top