topic Re: Still working and recieving SSA in Retirement tax questions

Still working and recieving SSA

afrankrone — Wed, 01 May 2019 15:39:10 GMT

Im at full retirement age (66) receiving SSA benefit and working full time .

What should I be prepared for, tax wise at the end of the year?

Re: Still working and recieving SSA

bluedeb — Wed, 01 May 2019 15:58:57 GMT

If your total income is more than $25,000 for an individual or $32,000 for a married couple filing jointly, you must pay income taxes on your Social Security benefits. Below those thresholds, your benefits are not taxed. That applies to spousal, survivor and disability benefits as well as retirement benefits.

The portion of your benefits subject to taxation varies with income level. You’ll be taxed on:

up to 50 percent of your benefits if your income is $25,000 to $34,000 for an individual or $32,000 to $44,000 for a married couple filing jointly.
up to 85 percent of your benefits if your income is more than $34,000 (individual) or $44,000 (couple).

https://www.fool.com/retirement/2016/06/06/social-security-tax-calculator-are-your-retirement.aspx

Re: Still working and recieving SSA

xmasbaby0 — Thu, 02 May 2019 13:59:41 GMT

Some additional information: There are 13 states that tax Social Security—Colorado, Connecticut, Kansas, Minnesota, Missouri, Montana, Nebraska, New Mexico, North Dakota, Rhode Island, Utah, Vermont, and West Virginia. These states offer varying degrees of income exemptions, but four mirror the federal tax schedule: MN, ND,VT, and WV