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#2
08-29-2007, 01:49 PM
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 Re: Tax on SS benefits question bo peep <cowartmisc1[at]yahoo.com> wrote: - quote - > Another question: should you have your benefits reduced due to too
Yes. See http://www.ssa.gov/pubs/10069.html#howmuch. But it is not clear to me> much other earned income before full retirement age, it appears that > the "lost" benefit dollars will eventually return to you, in the form > of slightly higher payments after you reach full retirement age. Am I > understanding that correctly? how much gets returned and how fast. -- Doug |
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#1
08-29-2007, 05:12 AM
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| Re: Tax on SS benefits question On Aug 28, 10:17 am, Mark Bole <ma...[at]pacbell.net> wrote: - quote - > Don't forget that, totally separate from any tax implications, your
Yes, I would probably switch to working part time. I come from a long> benefits themselves might be reduced before full retirement age if you > earn "too much" other income. line of short-lived people, unfortunately. Another question: should you have your benefits reduced due to too much other earned income before full retirement age, it appears that the "lost" benefit dollars will eventually return to you, in the form of slightly higher payments after you reach full retirement age. Am I understanding that correctly? - John Cowart |
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08-28-2007, 04:17 PM
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| Re: Tax on SS benefits question bo peep wrote: - quote - > I'm thinking of starting SS next year at age 62, but continuing to
No.> work. To determine the possible tax on the SS benefit, I'm supposed to > add "One-half of your benefits, plus all your other income, including > tax-exempt interest". Would this include interest earned inside an > IRA, even though I took no distributions from the IRA in that year? The Modified AGI for determining how much of your SS is going to included in your taxable income is basically the AGI from the front page of your Form 1040, with certain adjustments and tax-exempt interest added back in. This refers mainly to interest from state municipal bonds or qualified U.S. Savings Bonds. Don't forget that, totally separate from any tax implications, your benefits themselves might be reduced before full retirement age if you earn "too much" other income. A good link for more info: http://www.fairmark.com/retirement/socsec/ -Mark Bole |
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#-1
08-28-2007, 03:57 PM
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| Tax on SS benefits question I'm thinking of starting SS next year at age 62, but continuing to work. To determine the possible tax on the SS benefit, I'm supposed to add "One-half of your benefits, plus all your other income, including tax-exempt interest". Would this include interest earned inside an IRA, even though I took no distributions from the IRA in that year? |
| Tags |
| benefits, question, tax |
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