This post has been closed and is not open for comments or answers.

is social security taxable if you are 70+

The Fed states on form SSA-4926-SM (1-2012)"Your New Benefit Amount" form states "If you were "full" retirement age or older (born in 1944 or earlier) throughout the year, you may keep all of yur benefits no matter how much you earn."  I am retired with only SS, married, filing jointly with my scouse who is 65 retired with only SS and IRA income.  We share income from a rental property.  

Why is part of  my SS taxable?  Is using my SS to compute total income just a back door to get at taxing part of my SS? If so this is wrong and needs to be fixed in DC.
    "You may keep all of yur benefits no matter how much you earn" refers to not having to give back some of your SS benefits because you earned too much working. It has nothing to do with the taxability of SS benefits.
    Social security becomes taxable when your income, including 1/2 your social security, reaches:
    Married Filing Jointly(MFJ): $32,000
    Single or head of household: $25,000
    Married Filing Separately and lived with your spouse at any time during 2011: 0

    For the next 9,000 (12,000 MFJ), only 50% of your SS is taxed. After that it's taxed at 85%.
    Your age does not matter.
    • The quote you referenced pertains to whether your SS benefits will be reduced by the Social Security Admin due to yuor working.  It is different than determining how much of your SS benefit is actually taxable.  As was addressed in your other questions, up to 85% is taxable, since you have other taxable income.  The exact % depends upon the amount of that other income.  TT calculates this automatically.
    You are mixing up two separate things: (1) the reduction of your benefits if you work while receiving Social Security, and (2) income tax on your Social Security benefits.

    Before you reach full retirement age, if you work while you are receiving Social Security benefits, the amount that Social Security pays you is reduced based on how much you earn. This reduction of your benefits stops when you reach full retirement age.

    If you have any other income besides Social Security, some of your Social Security benefits may be subject to income tax, depending on the amount of your other income. This is true regardless of how old you are.

    The letter about your new benefit amount for 2012 is referring to only the first item - the reduction of benefits if you are still working.