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Started By
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Part time employment?
Posted on 12/27/23 at 10:30 am
Posted on 12/27/23 at 10:30 am
I have reached Full Retirement Age and considering a part time job to get out of the house. My question, is SS taken out of my check or do I get it back when I file my year end taxes. TIA
Edit: I’m already receiving monthly SS income, I’m past Full Retirement Age I don’t believe I have a penalty on earnings.
Edit: I’m already receiving monthly SS income, I’m past Full Retirement Age I don’t believe I have a penalty on earnings.
This post was edited on 12/27/23 at 3:29 pm
Posted on 12/27/23 at 10:34 am to Viper3428
quote:
You can get Social Security retirement benefits and work at the same time. However, if you are younger than full retirement age and make more than the yearly earnings limit, we will reduce your benefits. Starting with the month you reach full retirement age, we will not reduce your benefits no matter how much you earn.
We use the following earnings limits to reduce your benefits:
If you are under full retirement age for the entire year, we deduct $1 from your benefit payments for every $2 you earn above the annual limit.
For 2023 that limit is $21,240.
In the year you reach full retirement age, we deduct $1 in benefits for every $3 you earn above a different limit. However, we only count earnings before the month you reach your full retirement age.
If you will reach full retirement age in 2023, the limit on your earnings for the months before full retirement age is $56,520.
LINK
Posted on 12/27/23 at 10:52 am to Viper3428
My stepmom worked part time after starting SS and figured out at the end of the year she was losing half of her SS check working. She got the restaurant where she worked to pay her mostly in cash this year.
This post was edited on 12/27/23 at 11:06 am
Posted on 12/28/23 at 6:47 am to Viper3428
You really have three questions.
One, once you reach full retirement age, your earnings do not reduce your benefits.
Two, from full retirement age until, I think it is age 70, your earnings are a part of your benefits calculation. You may then get a small increase in your benefits.
Three, the Social Security taxes taken out of your paycheck are not returned to you when you file your return.
The above is from this old guy’s memory.
One, once you reach full retirement age, your earnings do not reduce your benefits.
Two, from full retirement age until, I think it is age 70, your earnings are a part of your benefits calculation. You may then get a small increase in your benefits.
Three, the Social Security taxes taken out of your paycheck are not returned to you when you file your return.
The above is from this old guy’s memory.
Posted on 12/28/23 at 7:33 am to Viper3428
ChatGPT: If you've already reached Full Retirement Age and are receiving Social Security benefits, you generally won't face a penalty on earnings. Social Security taxes are typically withheld directly from your paycheck. You won't get these withholdings back when you file your year-end taxes, but your benefits won't be affected by your part-time job.
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