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First year to draw Social Security. I have PT job and my W-2 has deductions for Social Security and Medicare. Are these two items deductible ?
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First year to draw Social Security. I have PT job and my W-2 has deductions for Social Security and Medicare. Are these two items deductible ?
No. If you are working (receiving earned income) then that income is subject to social security and medicare tax, even if you are nominally retired. The tax is not deductible.
Depending on your circumstances, it may increase your future SS payments, however.
*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*
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First year to draw Social Security. I have PT job and my W-2 has deductions for Social Security and Medicare. Are these two items deductible ?
No. If you are working (receiving earned income) then that income is subject to social security and medicare tax, even if you are nominally retired. The tax is not deductible.
Depending on your circumstances, it may increase your future SS payments, however.
*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*