https://ttlc.intuit.com/community/retirement/discussion/will-withdrawing-from-my-fidelity-ira-count-against-my-social-security-benefits-in-2020/01/862173#M77298 Wed, 09 Oct 2019 22:53:49 GMT cooperkqp 2019-10-09T22:53:49Z https://ttlc.intuit.com/community/retirement/discussion/will-withdrawing-from-my-fidelity-ira-count-against-my-social-security-benefits-in-2020/01/862173#M77298 Wed, 09 Oct 2019 22:53:49 GMT https://ttlc.intuit.com/community/retirement/discussion/will-withdrawing-from-my-fidelity-ira-count-against-my-social-security-benefits-in-2020/01/862173#M77298 cooperkqp 2019-10-09T22:53:49Z https://ttlc.intuit.com/community/retirement/discussion/re-will-withdrawing-from-my-fidelity-ira-count-against-my-social-security-benefits-in-2020/01/862193#M77300 <P>IRA distributions has no effect on your SS benefits received however if your total taxable income in the return is high enough up to 85% of the SS benefits you do get can be taxable.&nbsp;</P><P>&nbsp;</P><P><SPAN>TAX ON SOCIAL SECURITY</SPAN></P><P><SPAN>Up to 85% of your Social Security benefits can be taxable on your federal tax return.&nbsp; 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. &nbsp;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.&nbsp;</SPAN></P><P><SPAN>&nbsp;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 —for 2018 it will be $17,040—for 2019 it will be $17,640) &nbsp;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.&nbsp;</SPAN></P><P><A href="https://ttlc.intuit.com/questions/1899144-is-my-social-security-income-taxable" target="_blank" rel="noopener"><SPAN>https://ttlc.intuit.com/questions/1899144-is-my-social-security-income-taxable</SPAN></A></P> Wed, 09 Oct 2019 23:41:42 GMT https://ttlc.intuit.com/community/retirement/discussion/re-will-withdrawing-from-my-fidelity-ira-count-against-my-social-security-benefits-in-2020/01/862193#M77300 Critter 2019-10-09T23:41:42Z https://ttlc.intuit.com/community/retirement/discussion/re-will-withdrawing-from-my-fidelity-ira-count-against-my-social-security-benefits-in-2020/01/862195#M77301 <P>If you have a high income one year it can increase the Medicare premium 2 years from now. &nbsp;My friend cashed in some savings bonds and 2 years later her Medicare deduction went up.</P> <P>&nbsp;</P> <P class="p1"><SPAN class="s1">See how much the Medicare deduction is for 2018 &amp; 2019 based on income. </SPAN></P> <P class="p2"><SPAN class="s1"><A href="https://www.medicare.gov/your-medicare-costs/part-b-costs" target="_blank">https://www.medicare.gov/your-medicare-costs/part-b-costs</A></SPAN></P> Wed, 09 Oct 2019 23:47:32 GMT https://ttlc.intuit.com/community/retirement/discussion/re-will-withdrawing-from-my-fidelity-ira-count-against-my-social-security-benefits-in-2020/01/862195#M77301 VolvoGirl 2019-10-09T23:47:32Z