Skip to comments.Social Security Question
Posted on 03/16/2013 11:13:02 AM PDT by savedbygrace
I have a question about Social Security. I'm considering going part time at work and applying for Social Security.
If I keep my part time work income under the $14,700 limit, so the SS payments would not be reduced, would my Social Security receipts be included in Gross Income on my 1040?
To ask it it another way, let's says my SS payments total $12,000 for the year, and my part time work payments total $13,000.
Would my Gross Income on my 1040 the following April be $13,000, $25,000, or something in between?
Cool. I’m in my eighth year and I hereby reserve the right to freepmail you if I get stumped by something!
PS - I made $17,000 babysitting last year - I wrote it down on a single piece of paper - and I want to claim my nieces and nephews....will you do my taxes? ;)
Thank you. As far as I can tell, that is the correct solution.
I thank everyone who posted here. I appreciate it.
You bet. Glad I could help!
I wouldn’t worry about it - if you are eligible for SS, apply for it. Statistics show that waiting until 65 (or older) for higher amounts doesn’t usually pay as much in the long run as taking it early. Even if part of it is taxed, you still net more than if you’re not taking it.
I understand that. What I’m trying to determine is if my net dollars working part time and collecting SS would be at least what my net dollars are now, working full time.
So far, it looks like my net after making this move would equal my net now. I need to do some more thinking about this, and I have until the last day of September this year to make the decision for next year. (You have to apply for SS payments 3 months ahead of the first payment you want to receive, and if you ask for payments to begin later than January, then the SSA does some calculations with your income that can result in not receiving the first few SS payments.)
One of the last factors to consider is what I would do with the additional spare time. If I would merely plop down in front of my HDTV and in front of my computer, then it probably isn’t going to be helpful to me at all.
Good luck and enjoy...
And don’t forget nonfinancial factors, like dying, getting too sick to enjoy yourself, other turns of events that can keep you from enjoying yourself, like having to be a full-time caretaker, etc. etc. Don’t mean to bring up downers, but enjoy it while you can.