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jjosem55
New Member

I just turned 65 on December 29. i have been drawing SS early and have had income limits. What will be my income limits for 2020?

 
3 Replies
Vanessa A
Employee Tax Expert

I just turned 65 on December 29. i have been drawing SS early and have had income limits. What will be my income limits for 2020?

If you are asking about income limits for a reduction of your SS benefits, you would need to contact SS for that answer.  

 

If you are asking about your benefits being taxable, depending on your other income and your filing status up to 85% of your benefits may be taxable. 

 

"You will pay tax on only 85 percent of your Social Security benefits, based on Internal Revenue Service (IRS) rules. If you:

  • file a federal tax return as an "individual" and your combined income* is
    • between $25,000 and $34,000, you may have to pay income tax on up to 50 percent of your benefits.
    • more than $34,000, up to 85 percent of your benefits may be taxable.
  • file a joint return, and you and your spouse have a combined income* that is
    • between $32,000 and $44,000, you may have to pay income tax on up to 50 percent of your benefits.
    • more than $44,000, up to 85 percent of your benefits may be taxable.
  • are married and file a separate tax return, you probably will pay taxes on your benefits."https://www.ssa.gov/planners/taxes.html
Critter
Level 15

I just turned 65 on December 29. i have been drawing SS early and have had income limits. What will be my income limits for 2020?

Bees
Level 7

I just turned 65 on December 29. i have been drawing SS early and have had income limits. What will be my income limits for 2020?

You are still under the full retirement age for your birth year so you will still have limits to your income. Remember to check for Medicare coverage rules too

https://www.fool.com/retirement/2019/10/26/here-are-the-2020-social-security-earnings-tests-l.aspx

Disclaimer: Not a tax professional. Information gathered from internet links. Anything dated in June 2019 was posted in prior years and is before the 2019 limits and changes.
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