Hi 2011lkm,
Congratulations on your semi-retirement! Of course, that comes with tax planning too!
A portion of your social security MAY be taxable, it depends on the amount of your other income. If you earn between $32,000 and $44,000 per year as married filing jointly, you will pay income taxes on up to 50% of your Social Security benefits. If you earn more than $44,000, you’ll pay taxes on up to 85% of your benefits. You will never be taxed on more than 85% of your Social Security benefits.
Here is a great resource with an example for you to calculate using your income figures, https://www.ssa.gov/benefits/retirement/planner/taxes.html#:~:text=between%20%2425%2C000%20and%20%24....
If you determine you will have some of your social security income taxable, you can
1) elect to have federal tax withheld from your social security income, https://www.ssa.gov/manage-benefits/request-withhold-taxes#:~:text=You%20will%20pay%20federal%20inco.... or 2) increase the withholdings from either you or your husband employments, or
3) make an estimated tax payment, or
4) set aside money.
I hope you find this helpful!
Connie
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