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Experts at Maximize My Social Security have answered more than 10,000 questions about Social Security over many years. Search for your questions and answers here.
Can My Wife Reduce Her Countable Earnings By Contributing To An IRA?
Hello Larry-My wife turned 62 last year and is collecting SS benefits. She is, of course, limited to the $15720 annual earnings limit. My question is this: my wife will earn around 17K this year if she maintains her part time work schedule as it is now. If she makes an IRA contribution of at least the amount she earns over $15720, will that prevent SS from withholding money for having gone over the earnings limit or does SS only look at total earned income?
Thank you...........Dave
Hi Dave,
The answer is no. Social Security counts the gross wages on W-2 forms, plus any net earnings from self-employment, for earnings test purposes.
Best, Jerry
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Posted:
July 18, 2016