How much can I earn a year and not have my Social Security taxed?
My question is how much can I earn a year without having my Social Security taxed for 2009 and 2010? I am 73 years old and do not want to stop working. Thank you!
As much as 85% of your Social Security benefits may be subject to federal income tax depending on the amount of what is called your "provisional income." Your provisional income is made up of your Adjusted Gross Income plus one-half of your Social Security benefits. Adjusted Gross Income includes your taxable wages, pensions, interest, dividends, other taxable income and tax-exempt income.
If you have provisional income of less than $25,000 ($32,000 if you are married and filing a joint return, none of your Social Security benefits will be taxable. If your provisional income is between $25,000 and $34,000 ($32,000 and $44,000 if married and filing a joint return) up to 50% of your benefits may be taxable. If your provisional income is more than $34,000 ($44,000 if married and filing jointly) up t 85% of your Social Security benefits may be taxable.
I am single, 72 years old, drawing $1696 per month in social security. How much can I earn in wages before my social security income becomes taxed?