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Well,once I lose my job I will be living on less than $34K a year,all from SS;which I believe is the maximum you can have collected without paying Income tax.
That 34K will leave me living like a monk,so I would not be comfortable having deductions.
You should be able to live OK on that amount. I presume you also have medicare, so find a good supplement to pay the medical bills
I collected over $23K in SS payments in 2023...I'm also still working and earned $90K....Because of the extra SS income...for only the 2nd time in my life I owe the IRS...But never this much...$3,610.00!!!!
I was aware that SS is taxable...up to 85% of the amount collected....but man....it hurts like crazy!
I also paid $50 for E-File(Last year it was free filing). The only other time I ever paid to file my taxes was at my first return in 1972..I earned just over $800 that year and paid a whopping...$9.50!!
Luckily,Florida does not tax SS;I also don't have any other deductions other that the standard of $17,500 at my age.
With all the medical debt I'm incurring via co-payments and deductibles,maybe I will reach the level where I can deduct some of it.
Just venting...
You are confusing your reconciliation of withholding with your tax bill. With 90,000 in earned income nad 23,000 in SS, you owe the IRS something more like 25,000 or so. But most of that's already been withheld.
You're actually in a better position, because you've had the use of that 3600 for the year. The best situation is to pay at reconciliation time in April the maximum that does not trigger penalties for under-withholding.
You are confusing your reconciliation of withholding with your tax bill. With 90,000 in earned income nad 23,000 in SS, you owe the IRS something more like 25,000 or so. But most of that's already been withheld.
You're actually in a better position, because you've had the use of that 3600 for the year. The best situation is to pay at reconciliation time in April the maximum that does not trigger penalties for under-withholding.
Yeah,I called E-File and was told exactly that...pay way before April to maybe avoid that penalty. I had to file an extra form to request that.
BTW,that $3610 tax liability is all because of the SS..I would actually have received a small refund if I hadn't
started collecting SS.
You should be able to live OK on that amount. I presume you also have medicare, so find a good supplement to pay the medical bills
Yeah...just started in January 2024 on a Part C.
Last year the Nursing Home where I had to "rehab" from an operation cancelled my Part C because they said that with Medicare A/B alone I could receive better benefits to treat my non-healing wound.
I still have medical debt from 2022...none in collections yet. Most of the new medical debt begin from October til December 2023. Now I can feel a bit of relief since the chemo treatments started just last week.
I will "live" on the $34k a year,as long as my rent does not go up too much.Rents in Miami have become abusive.
Hey MJ thanks for the link to the W4 form. My SS benefits will start Feb. 1st, which means the first check will be deposited into my account on roughly March 1. I'm going to send this W4 to my Social Security office so the federal taxes are automatically withheld, 12 percent at minimum or maybe a bit more.
I collected over $23K in SS payments in 2023...I'm also still working and earned $90K....Because of the extra SS income...for only the 2nd time in my life I owe the IRS...But never this much...$3,610.00!!!!
I was aware that SS is taxable...up to 85% of the amount collected....but man....it hurts like crazy!
I also paid $50 for E-File(Last year it was free filing). The only other time I ever paid to file my taxes was at my first return in 1972..I earned just over $800 that year and paid a whopping...$9.50!!
Luckily,Florida does not tax SS;I also don't have any other deductions other that the standard of $17,500 at my age.
With all the medical debt I'm incurring via co-payments and deductibles,maybe I will reach the level where I can deduct some of it.
I collected over $23K in SS payments in 2023...I'm also still working and earned $90K....Because of the extra SS income...for only the 2nd time in my life I owe the IRS...But never this much...$3,610.00!!!!
I was aware that SS is taxable...up to 85% of the amount collected....but man....it hurts like crazy!
I also paid $50 for E-File(Last year it was free filing). The only other time I ever paid to file my taxes was at my first return in 1972..I earned just over $800 that year and paid a whopping...$9.50!!
Luckily,Florida does not tax SS;I also don't have any other deductions other that the standard of $17,500 at my age.
With all the medical debt I'm incurring via co-payments and deductibles,maybe I will reach the level where I can deduct some of it.
Just venting....
I knew we'd have multiple income sources when we retired, including my side gig ( retirement is my primary gig) as a contractor so federal income taxes, SS and Medicare ( at a rate of 15%) have to be taken out myself, its done at tax time. I set up a tax rate of 10% for my social security when I applied for it, and have about 1/3 of my state pension taken out for taxes as well, to make up for the taxes not taken for my side gig, as well as for my husbands pension and SS as he's always refused to have deducted as much tax as he should out of these. If I didn't withhold as much as I do we'd owe the IRS big time at tax time and I wanted to avoid having to send estimated tax amounts in quarterly for my side gig, as the income varies so much throughout the year. This way we get a small refund, the amount's more or less in the "break-even" territory. We don't itemize our deductions anymore as we have little to no debt, and the amounts we could deduct fall short of the requirements to be able to do so.
But yeah, I feel like the guv'mint's bottomless pocket sometimes.
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