• Question
  • Will I pay taxes.

    Asked by a 45 year old man from Moultrie, GA on 1/22/2019

    I turned 66 last August 2018. I started drawing my social security. I also work full time. Will i have to pay taxes on the social security benefits i have received?

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  • Categories: Taxes, Retirement Planning

Answers

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  • If you have reached your full retirement age, you will no longer be subject to the earnings limit. However, depending on your overall income (earned, dividends, interest, etc.) you could be taxed on up to 85% of your Social Security. I recommend that you speak with your accountant to determine income thresholds that will minimize your tax liability.

    Good luck!

  • Login to rate this answer:   Answered on 1/24/2019
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.