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

[Zbucklyo · Accepted solution]

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]

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.

[ngarciasr]

Yes ,and still working

[xmasbaby0 · Accepted solution]

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.

[ngarciasr]

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