How much $$ can I make before paying taxes:

[Gary Wells]

How much income can I ring in this year before having to pan any taxes?
I believe that at one time a person could make an unlimited amount of $$
after his full retirement. I don't believe that is still correct.

 

[bison]

$74,900 for couples or $37,450 for single stays in the 15% bracket iirc. Above that it goes to 20%. Not sure how to not pay. You can go and figure out the standard deduction and claim yourself. The sum of that is the most you could gross before paying federal tax.


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[Gary Wells]

I only have Soc Sec coming in, no wages or anything else, so I have not had to pay any taxes since I retired 3 or 4 years ago.
I might have to go back to work part time for a while to make ends meet.

 

[TRICKSIXPA]

Here is the chart for income requirements if you make over this amount in taxable income you need to file a federal tax return.

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[bison]

Looks like $10,150 for single under 65 unless you itemize deductions


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[Gary Wells]

Many thanks for the info.
Is Soc Sec income taxable?

 

[bison]

Many thanks for the info.
Is Soc Sec income taxable?

Yes. It's income. The advantage is you're usually in a lower tax bracket if you had any significant contribution while in the workforce and the standard deduction is apparently a little higher for 65+. Most baby boomers are above the standard deduction but they should pay attention to the 15% to 20% threshold. They could be hit with a couple thousand more in income tax if crossing the line. A ROTH IRA isn't taxable at retirement since it was aquired from post tax earnings.


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[Gary Wells]

I knew that something would go wrong with my:
"Die when you run out of money, or run out of
money when you die" program.

 

[novaderrik]

you can make an unlimited amount of money tax free if you deal only in cash... just don't get stupid buying new Corvettes and stuff while filing a gross income of $15k a year..

 

[Gary Wells]

Finding "cash only" jobs these days is hard to do,
but I appreciate the mention, and I had forgotten
that, many thanks.

 

[John Larkin]

The more you make, the more you make. Talk to a real tax advisor. They charge very little. My dad has his taxes done for $125 a year by a lady who is very good. Someone like that is up on the laws and regulations more than likely anyone you know.

 

[charlief1]

At one time there was a rule that you could take one year (only 1 Gary) and not pay taxes on it if you were over 65. I think that was killed off since the government is strapped from crap that should never had been done. I remember a friend's dad did this in the late 80's or early 90's and it was legal then.

 

[bison]

At one time there was a rule that you could take one year (only 1 Gary) and not pay taxes on it if you were over 65. I think that was killed off since the government is strapped from crap that should never had been done. I remember a friend's dad did this in the late 80's or early 90's and it was legal then.

I doubt this is still legal. Plenty of baby boomers with big 401k and IRA's that would get pulled and make all the liberals cry like babies


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[Gary Wells]

Many thanks for the info.
I will call my tax accountant this next week.
I know that a person can make a certain amount
without paying taxes as every year I see my tax
man & every year he says no taxes. I did get stuck
on taxes for my last year of work & haven't paid
any since then. I'm trying to avoid or delay
selling one of my cars. I will say this much about
trying to survive driving only 2 hot rods /
performance cars and that is it's damn hard.

 

[Gary Wells]

OK, here's the answer from my accountant.
Any money that I report over my Soc Sec I
have to pay taxes on. If I go up to a particular
amount I will have to pay taxes on both the extra
income and my Soc Sec. I always thought that a
person could make a specified amount over his
Soc Sec before it becomes taxable, but not true.

 

[Phoneguy]

OK, here's the answer from my accountant.
Any money that I report over my Soc Sec I
have to pay taxes on. If I go up to a particular
amount I will have to pay taxes on both the extra
income and my Soc Sec. I always thought that a
person could make a specified amount over his
Soc Sec before it becomes taxable, but not true.

You can make up to a certain amount before they reduce your benefits before you reach full retirement age. If your benefits are reduced , they Will add them to your benefits later when you reach full retirement age or stop making too much money. After retirement age they do not reduce your benefits but you still pay taxes on the money that you make.

Bryan