topic social security income early and taxes in Investing

social security income early and taxes

2011lkm — Wed, 28 Jun 2023 20:04:05 GMT

I'm 62 and started receiving SSI last month. I have a pension and a small part time job. My husband is still working at 66. Will receiving SSI now put us into a penalty for taxes?

Re: social security income early and taxes

DoninGA — Wed, 28 Jun 2023 20:12:24 GMT

Up to 85% of Social Security Retirement/Disability/Survivors benefits becomes taxable when all your other income plus 1/2 your social security reaches:

Married Filing Jointly - $32,000
Single or Head of Household - $25,000
Married Filing Separately - 0

Re: social security income early and taxes

VolvoGirl — Wed, 28 Jun 2023 20:17:51 GMT

By the way, ssi does not mean Social Security Income. A lot of times people say ssi when they mean Social Security Income. But it's not. SSI actually stands for Supplemental Security Income not Social Security. You do not get a SSA-1099 for SSI. You do not report SSI at all.

So are you getting ssi or Social Security? And if you are getting Social Security your checks might be reduced since you are under full retirement age since you have a job. See SS FAQ for working after retirement

https://www.ssa.gov/benefits/retirement/planner/whileworking.html