Community Chat

[Carmie]

@NicksmomESQ   You're welcome.  I am glad to help.

[ccassaday]

So much mix information on this thread. If you continue to work it does not effect your SS. What it might do is make you have to pay  taxes on your SS when you do your taxes.

[Carmie]

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@ccassaday wrote:

So much mix information on this thread. If you continue to work it does not effect your SS. What it might do is make you have to pay  taxes on your SS when you do your taxes.

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Everyone pays taxes on their SS income if they make over $25,000 as an individual and $32,000 as a couple.. you can be taxed up to 85% of your SS income.  This is for Federal Tax's only and many people have the Fed taxes taken out before they receive their money...My DH does.

State taxes are different.  Here is PA, we pay no state taxes on retirement income of any type.

[roeroe1005]

I also applied for SS on line.  It was very easy.  I did not receive any phone calls from the SS office, but I did follow the process on line as I thought I may have to go to our local office.  I will be getting my first check in June.

I applied in February (after gov't shutdown ended).  I think the process took about a month.  I was surprised how quick it was.

I am 64 (born 1954), so I am limited on what I can earn until I turn 66.

[Carmie]

@roeroe1005   You can make as much money as you want to.  If you make over $17,640, your  SS will be reduced $1 for every $2 you are over that amount, but the good part is while you are working and paying into SS, you are increasing your SS benefits.  When they are recalculated in the future, you will get more money.

I was born in 1954 too.  Happy 65th Birthday.

[Somertime]

@NicksmomESQ It was @deepwaterdotter  husband, not mine, who had the credit freeze and was able to apply online.

@deepwaterdotter   Did your husband set up his SS account before you did the credit freeze?  Nicksmom was asking.

[NicksmomESQ]

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@Carmie wrote:

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@ccassaday wrote:

So much mix information on this thread. If you continue to work it does not effect your SS. What it might do is make you have to pay  taxes on your SS when you do your taxes.

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Everyone pays taxes on their SS income if they make over $25,000 as an individual and $32,000 as a couple.. you can be taxed up to 85% of your SS income.  This is for Federal Tax's only and many people have the Fed taxes taken out before they receive their money...My DH does.

State taxes are different.  Here is PA, we pay no state taxes on retirement income of any type.

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 @Carmie  OMG!! My DH though turning 70 will still be working full time.Is his SS income really going to be taxed at 85%? Under what circumstances could that happen?

[Trinity11]

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@NicksmomESQ wrote:

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@Carmie wrote:

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@ccassaday wrote:

So much mix information on this thread. If you continue to work it does not effect your SS. What it might do is make you have to pay  taxes on your SS when you do your taxes.

---

Everyone pays taxes on their SS income if they make over $25,000 as an individual and $32,000 as a couple.. you can be taxed up to 85% of your SS income.  This is for Federal Tax's only and many people have the Fed taxes taken out before they receive their money...My DH does.

State taxes are different.  Here is PA, we pay no state taxes on retirement income of any type.

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 @Carmie  OMG!! My DH though turning 70 will still be working full time.Is his SS income really going to be taxed at 85%? Under what circumstances could that happen?

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@NicksmomESQ  That means 85% of it is taxed by the Federal Government not by the state. 15% isn't taxed..

My husband worked at 70 and our 2018 taxes for Social Security were taxed at 85%. 

[Carmie]

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@NicksmomESQ wrote:

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@Carmie wrote:

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@ccassaday wrote:

So much mix information on this thread. If you continue to work it does not effect your SS. What it might do is make you have to pay  taxes on your SS when you do your taxes.

---

Everyone pays taxes on their SS income if they make over $25,000 as an individual and $32,000 as a couple.. you can be taxed up to 85% of your SS income.  This is for Federal Tax's only and many people have the Fed taxes taken out before they receive their money...My DH does.

State taxes are different.  Here is PA, we pay no state taxes on retirement income of any type.

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 @Carmie  OMG!! My DH though turning 70 will still be working full time.Is his SS income really going to be taxed at 85%? Under what circumstances could that happen?

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He will not be taxed at 85%, he will have to pay taxes on up to 85% of his SS income.  In other words, if his SS income is $10,000 a year, $8500 of that can be taxed along with the income he makes while still working.

So if he makes $50,000 at work and $10,000 in SS income, he can be taxed on his total income of $58,500, minus his regular deductions.

He can request that SS withhold federal income taxes from his check so you won't have a surprise at tax time.  He can download the form online and send it in. He can choose 7%, 10%, 12% or 22% be withheld. The form is W-4V.

Google the form for more information.

[Trinity11]

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@Carmie wrote:

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@NicksmomESQ wrote:

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@Carmie wrote:

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@ccassaday wrote:

So much mix information on this thread. If you continue to work it does not effect your SS. What it might do is make you have to pay  taxes on your SS when you do your taxes.

---

Everyone pays taxes on their SS income if they make over $25,000 as an individual and $32,000 as a couple.. you can be taxed up to 85% of your SS income.  This is for Federal Tax's only and many people have the Fed taxes taken out before they receive their money...My DH does.

State taxes are different.  Here is PA, we pay no state taxes on retirement income of any type.

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 @Carmie  OMG!! My DH though turning 70 will still be working full time.Is his SS income really going to be taxed at 85%? Under what circumstances could that happen?

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He will not be taxed at 85%, he will have to pay taxes on up to 85% of his SS income.  In other words, if his SS income is $10,000 a year, $8500 of that can be taxed along with the income he makes while still working.

So if he makes $50,000 at work and $10,000 in SS income, he can be taxed on his total income of $58,500, minus his regular deductions.

He can request that SS withhold federal income taxes from his check so you won't have a surprise at tax time.  He can download the form online and send it in. He can choose 7%, 10%, 12% or 22% be withheld. The form is W-4V.

Google the form for more information.

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@Carmie ...we failed to withhold on our Social Security and are paying $8200.00 this year on our Federal return!