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Level 1
posted Feb 17, 2021 7:35:12 AM

Extra income and Social Security pentiaties

My wife and I are retired. We both get Social Security. I also get a pension. 

In addition, I sell items online and get 1099K forms for reporting on my taxes.

My question is: What is the maximum amount of extra income (above SSA & pensions) that we can earn yearly before it will impact or Social Security?

Thank You

 

 

0 1 366
1 Replies
Employee Tax Expert
Feb 17, 2021 8:03:56 AM

It depends.  If you are asking about how much you can earn before you must repay part of your social security to the Social Security Administration (SSA), it is explained clearly at the link to determine full retirement age and repayment if you are under that age.

If you are asking how much income on your tax return will require you to add some of your social security benefits as part of your taxable income it is explained next.

  • If you add all of your taxable income (and tax exempt interest if applicable) plus half of your social security from Form SSA-1099, and that amount is greater than $32,000 (for married filing jointly) then some of your benefits will be taxable.  To review the worksheet you can use the following link.
  • IRS Publication 915