turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

I'm receiving SS but did not reach full retirement age this year. I earned more than 15k on Royalties. I had production tax deductible expenses for the royalties. Will SS calculate what I owe based on the full amount or the amount after deductions?

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
marvin2it
Employee Tax Expert

I'm receiving SS but did not reach full retirement age this year. I earned more than 15k on Royalties. I had production tax deductible expenses for the royalties. Will SS calculate what I owe based on the full amount or the amount after deductions?

Excerpts from the link below:

"When we figure out how much to deduct from your benefits, we count only the wages you make from your job or your net profit if you're self-employed. We include bonuses, commissions, and vacation pay. We don't count pensions, annuities, investment income, interest, veterans benefits, or other government or military retirement benefits."

"If you are under full retirement age for the entire year, we deduct $1 from your benefit payments for every $2 you earn above the annual limit. For 2024, that limit is $22,320."

 

 

https://www.ssa.gov/benefits/retirement/planner/whileworking.html#:~:text=your%20excess%20earnings.-....

View solution in original post

1 Reply
marvin2it
Employee Tax Expert

I'm receiving SS but did not reach full retirement age this year. I earned more than 15k on Royalties. I had production tax deductible expenses for the royalties. Will SS calculate what I owe based on the full amount or the amount after deductions?

Excerpts from the link below:

"When we figure out how much to deduct from your benefits, we count only the wages you make from your job or your net profit if you're self-employed. We include bonuses, commissions, and vacation pay. We don't count pensions, annuities, investment income, interest, veterans benefits, or other government or military retirement benefits."

"If you are under full retirement age for the entire year, we deduct $1 from your benefit payments for every $2 you earn above the annual limit. For 2024, that limit is $22,320."

 

 

https://www.ssa.gov/benefits/retirement/planner/whileworking.html#:~:text=your%20excess%20earnings.-....

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies