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JT45242

(3,023 posts)
3. According to forbes.com
Thu Mar 11, 2021, 12:42 PM
Mar 2021

If you choose to take Social Security before your full retirement age and then go back to work, you may see some of your benefits clawed back. Assuming you are younger than your full retirement age for the entire year, the Social Security Administration (SSA) will deduct $1 of benefits for every $2 of income above the annual limit. In 2020, the yearly limit is $18,240.



Since you are about $1260 above the limit you will have to pay back about $630. Not sure if that goes on Adjusted gross or acutal gross income.

Not sure what the 2021 limit for 2020 earnings is (it usually goes up a little so it will be less than that)

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I have a question. [View all] redstatebluegirl Mar 2021 OP
I think the income limit is per year so I depends on if you made more than the limit you may owe. flying_wahini Mar 2021 #1
You should be mostly fine. drray23 Mar 2021 #2
According to forbes.com JT45242 Mar 2021 #3
yes correct and 2021 limit is 18960. drray23 Mar 2021 #4
Do you use software like TurboTax? PJMcK Mar 2021 #5
We use Turbo Tax, we just haven't done them yet. My husband is never in a hurry to pay them. redstatebluegirl Mar 2021 #7
He's a smart guy! PJMcK Mar 2021 #9
Thanks everyone. redstatebluegirl Mar 2021 #6
Beware! Backseat Driver Mar 2021 #8
Latest Discussions»Issue Forums»Social Security & Medicare»I have a question.»Reply #3