I'm receiving SS but did not reach full retirement age this year. I earned more than 15k on Royalties. I had production tax deductible expenses for the royalties. Will SS calculate what I owe based on the full amount or the amount after deductions

Forum|Forum|1 year ago
June 26, 2024
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Ask the Experts - Retirement II - June 2024

Best answer by marvin2it

Excerpts from the link below:

"When we figure out how much to deduct from your benefits, we count only the wages you make from your job or your net profit if you're self-employed. We include bonuses, commissions, and vacation pay. We don't count pensions, annuities, investment income, interest, veterans benefits, or other government or military retirement 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 2024, that limit is $22,320."

https://www.ssa.gov/benefits/retirement/planner/whileworking.html#:~:text=your%20excess%20earnings.-,How%20We%20Deduct%20Earnings%20From%20Benefits,full%20retirement%20age%20is%20%2459%2C520.

marvin2itAnswer

Excerpts from the link below:

"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 2024, that limit is $22,320."

https://www.ssa.gov/benefits/retirement/planner/whileworking.html#:~:text=your%20excess%20earnings.-,How%20We%20Deduct%20Earnings%20From%20Benefits,full%20retirement%20age%20is%20%2459%2C520.