So, the earnings limit for 2024 is $22,320/year ($1,860/month). This means that I can earn up to $22,320 and continue to receive my Social Security retirement benefit. According to the SSA website, it says, "we count only the wages you make from your job or your net earnings if you're self-employed." I'm 62 years old and self-employed.
So, this is my question. Even if I make around $40,000 gross this year, my net earnings as a self-employed man could be reduced to below $20,000 (well below the earning limit of $22,320) if I include the standard deductions and other legitimate deductions like traditional IRA contributions when I file the tax returns next year, right?
