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Ask Larry
Will I Be Taxed For The SS Benefits I Receive?
Hi Larry,
I will turn 66 on 12/26/2019 , still working. as long as I can.
I applied for SS benefits starting January 2020
Will I be taxed for the SS Benefits?
If yes, can I cancel my benefits as I have not received yet.
Hi,
Whether or not you will owe taxes on any of your Social Security benefits depends on the amount of your other income. For a basic explanation of the taxation rules, refer to the following Social Security website: https://www.ssa.gov/planners/taxes.html.
The answer to your other question is yes, you could elect to withdraw your application for benefits and reapply later (https://www.ssa.gov/planners/retire/withdrawal.html). You may want to strongly consider using our software (https://maximizemysocialsecurity.com/purchase) to determine your best course of action. Depending on whether or not you are married and especially since you were born prior to January 2 1954, you may have better filing options available to you that the software would be able to identify.
Best, Jerry