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Baby Boomers

SheilaT

(23,156 posts)

14. If your only income is your measly social security check,

Reply to whathehell (Reply #13)

Thu Oct 2, 2014, 04:56 PM

Oct 2014

you won't be paying taxes. And, if I have it straight, the taxes on your social security amount only kick in after your earned income goes above a certain amount. Meanwhile, so long as you've reached your full retirement age, currently 66, your social security benefit does not get reduced, even if it is subject to taxes.

Yes, the billionaires should be paying more, but we're stuck at the moment with the tax code we have.

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Can I ask a stupid question about retirement here? [View all] wryter2000 Jun 2014 OP

if you put that exact question into Google dixiegrrrrl Jun 2014 #1

good link OKNancy Jun 2014 #2

You still have to pay Medicare part B. El Supremo Jun 2014 #3

Many thanks wryter2000 Jun 2014 #4

I don't think you can retire here. Skinner won't allow it. ret5hd Jun 2014 #5

Damn wryter2000 Jun 2014 #6

You do not pay Social Security or Medicare tax on your Social Security. You do pay on Hoyt Jun 2014 #7

Very helpful wryter2000 Jun 2014 #8

What others have already said. SheilaT Jun 2014 #9

It's not about avoiding taxes wryter2000 Jun 2014 #10

Very good. SheilaT Jun 2014 #11

You said a mouthful wryter2000 Jun 2014 #12

Well, Sheila, it's all about how much the retiree is getting.. whathehell Oct 2014 #13

If your only income is your measly social security check, SheilaT Oct 2014 #14

Well, that's very good.. whathehell Oct 2014 #15

There is some minimum below which there are no federal income taxes SheilaT Oct 2014 #16

Thanks for that information, Sheila T. whathehell Oct 2014 #17

and that's why they may LiberalElite Mar 2015 #25

I posted this earlier but here is info about taxes on SS OKNancy Oct 2014 #18

I paid federal taxes on a portion of my income..... llmart Oct 2014 #19

The rule about your SS being reduced SheilaT Oct 2014 #20

Just because it's been around forever.... llmart Oct 2014 #21

Once you turn 66 they won't take SheilaT Oct 2014 #22

Yes, I already know that they won't take any next year.... llmart Oct 2014 #23

All I can say is that at least you already know about this, SheilaT Oct 2014 #24