Question

Tax Year Prior to 2020: Should a retiree with two rentals, for suplementing retirement pension, have to pay self employment taxes? Already on Medicare and SS.

Forum|Forum|6 years ago
February 27, 2020
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TurboTax Premier Online

You have to pay self-employment tax if you have self-employed income, whatever your age or whether you are on Medicare or SS or not.

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V

vazquezmagAuthor

I have had the same retirement status for the last four years and hadn't been classified as Self-Employed in the last four filings. Why now?

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VictorW9

If your income is above a certain limit, then you will have to pay taxes. Your social security is taxable based on your total income for the year. So, if your rental is bringing in income above a certain limit, then some or all of social security will be subject to tax.

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