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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.
What Information Can You Give Me About Taxes On Benefits?
Hello Larry, I'll be 66 and 4 months August of 2022 and although I'm currently working and plan to work a couple more years I want to start receiving SS benefits then. I understand at FRA there's no penalty on benefits however I understand there are taxes on the benefits if I make “too much money”. My benefits put me at 32400 not counting my regular paycheck.any information is greatly appreciated.
Tom
Hi Tom. I'm not a tax expert, but basically if your yearly adjusted gross income plus 50% of any Social Security benefits you receive adds up to more than $44,000, then you'll likely have to pay federal income taxes on 85% of the amount of Social Security benefits you received. For more details, refer to Social Security's website: https://www.ssa.gov/benefits/retirement/planner/taxes.html.
It sounds like you should strongly consider using our software (https://maximizemysocialsecurity.com/purchase) to fully analyze the options available to you in order to determine your best strategy for maximizing your benefits.
Best, Jerry
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August 17, 2021