Ask Larry

How Much Can I Make?

how much can i make will i am geatting ssi pay ment with out paying tax im 80 year old

Hi,

If by SSI you mean Social Security benefits, you could be paid all of your benefits regardless of how much earnings or other income that you have. The amount of income that you could have and not have to pay income tax on your benefits is $25000 for an individual, or $32000 for a married couple filing jointly (https://www.ssa.gov/planners/taxes.html).

However, if by SSI you're referring to Supplemental Security Income, that's more complicated. Supplemental Security Income payments are reduced basically dollar for dollar by any unearned income (e.g. Social Security, Dividends, Pensions, etc.) that a person receives in excess of $20 per month. If the person has earned income (e.g. wages, self-employment) then their Supplemental Security Income payment is reduced by $1 for each $2 that they earn in excess of $85 per month, or $65 if the $20 disregard mentioned above has already been applied to their unearned income.

Best, Jerry

Category: 
Posted: 
Oct 29 2018 - 5:25pm
MaxiFi software running on a laptop
Get What's Yours!
Discover tens of thousands in extra retirement dollars with Maximize My Social Security software!
  • Find your maximized strategy
  • Unlimited what-ifs
  • Step-by-Step filing instructions
  • Our software's lifetime-benefit increase for an illustrative couple earning $65K each and planning to take retirement benefits at 62.

    Results will differ based on your specific case and filing strategy.

Getting Started is Easy
Web-based software. Works on ALL browsers. No download.