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tathomas1
Level 1

Social Security & Taxes

I've reached full retirement age, am still working full-time and collecting Social Security. How will I be taxed - Fed and State of Virginia?

3 Replies
Paisano
Level 2

Social Security & Taxes

I'm just a Forum Member, not a professional.

Your tax liability will depend on the level of income you have from different sources (W2, Long Term Capital Gains, HSA, Reverse Mortgage, etc) Some of these income sources are Taxed, others are not.  For specifics to your situation, consult a licensed CPA or do what I do...consult with Turbo Tax CPA's well in Jan, June and December.

AR_CPA2
Employee Tax & Finance Expert

Social Security & Taxes

Social Security benefits are not taxed at the state level, but for federal they could be taxable up to 85% depending on your other income 

https://www.ssa.gov/benefits/retirement/planner/taxes.html#:~:text=Income%20Taxes%20And%20Your%20Soc....

 

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Opus 17
Level 15

Social Security & Taxes

If you are at full retirement age, working will not reduce your SS benefit.

 

If your only income is social security, it's non-taxable.  If you have any other income (investments, a job, lottery prize, etc.) then that income is taxable and your social security might also be taxable, depending on how much your other income is, using this formula

https://www.irs.gov/newsroom/dont-forget-social-security-benefits-may-be-taxable

*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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