Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
ngarciasr
Level 2

Hello I'm semi retired now what's going to be different now, how do I file the taxes

 
2 Best answer

Accepted Solutions
Zbucklyo
Level 9

Hello I'm semi retired now what's going to be different now, how do I file the taxes

The same way that you always filed taxes.  You report your income in the appropriate place, take deductions as allowed, determine your tax, subtract off withholding and estimated tax.

View solution in original post

xmasbaby0
Level 15

Hello I'm semi retired now what's going to be different now, how do I file the taxes

Up to 85% of your Social Security benefits can be taxable.  There is no age limit for having to pay taxes on Social Security benefits if you have other sources of income along with the SS benefits.  When you have other income such as earnings from continuing to work, investment income, pensions, etc. up to 85% of your SS can be taxable. 

 What confuses people about this is that before you reach full retirement age, if you continue working while drawing SS, your benefits can be reduced if you earn over a certain limit. (For 2017 that limit is $16,920)  After full retirement age, no matter how much you continue to earn, your benefits are not reduced by your earnings; your employer will still have to withhold for Social Security and Medicare.


**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

View solution in original post

5 Replies
Zbucklyo
Level 9

Hello I'm semi retired now what's going to be different now, how do I file the taxes

The same way that you always filed taxes.  You report your income in the appropriate place, take deductions as allowed, determine your tax, subtract off withholding and estimated tax.

xmasbaby0
Level 15

Hello I'm semi retired now what's going to be different now, how do I file the taxes

You did not give any details on what you mean by "semi-retired" but if you are now getting Social Security benefits, you will receive a SSA1099 from Social Security in January. Do not try to enter your SSA1099 as a W-2.  Go to Federal> Wages & Income>>Retirement Plans and Social Security to enter your SSA1099.
**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
ngarciasr
Level 2

Hello I'm semi retired now what's going to be different now, how do I file the taxes

Yes ,and still working
xmasbaby0
Level 15

Hello I'm semi retired now what's going to be different now, how do I file the taxes

Up to 85% of your Social Security benefits can be taxable.  There is no age limit for having to pay taxes on Social Security benefits if you have other sources of income along with the SS benefits.  When you have other income such as earnings from continuing to work, investment income, pensions, etc. up to 85% of your SS can be taxable. 

 What confuses people about this is that before you reach full retirement age, if you continue working while drawing SS, your benefits can be reduced if you earn over a certain limit. (For 2017 that limit is $16,920)  After full retirement age, no matter how much you continue to earn, your benefits are not reduced by your earnings; your employer will still have to withhold for Social Security and Medicare.


**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
ngarciasr
Level 2

Hello I'm semi retired now what's going to be different now, how do I file the taxes

Semi retired is ages 62-65 yrs. Old. Unless your on disability.

Dynamic AdsDynamic Ads
Privacy Settings
v