I'm not sure what you mean by "Deferred Income". If you are age 67 or older you are at full retirement age and there is no penalty for working and earning additional income. To determine if your social security benefits are taxable take half of the Social Security money you collected during the year and add it to your other income. Other income includes pensions, wages, interest, dividends and capital gains.
- If you are single and that total comes to more than $25,000, then part of your Social Security benefits may be taxable.
- If you are married filing jointly, take half of your Social Security, plus half of your spouse's Social Security, and add that to all your combined income. If that total is more than $32,000, then part of your Social Security may be taxable.
For more information see the following IRS website: Social Security benefits may be taxable
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