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Senior Advisor

For those of you that are interested

4 Replies
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Veteran Advisor

Re: For those of you that are interested

These fools don't to hear that sort of stuff.  It blows their mindset that all govt pensions and SS are free "gimmes" and that Old farts don't pay taxes!  Thanks for posting it.

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Honored Advisor

Re: For those of you that are interested

Oh poor baby, you have to pay income tax if you make income while on social security..life just ain`t fair.  That`s the heck of it when you have your land custom farmed you`re "materially participating", maybe you oughta consider helping a young man get started and rent it to him for $700/a Smiley Happy   But on the flip side, if you`re over full retirement age, 67 you can make allll you want and not lose social security bennies http://www.extension.iastate.edu/agdm/wholefarm/html/c2-41.html   and http://www.ssa.gov/pubs/10069.html#a0=0   I know what you`re up to Don, we are in the last few minutes of the 4th quarter, the clock is running on how to evade 2012`s taxes with the $8 corn and $16 beans ($15.48 was the best I did) but pulling income into this yr might not be a bad idea, it`ll be the cheapest rates we`ll ever see, of course maybe the "party`s over" and income will be tougher to see, 2013 henceforth.  Sharpen yer pencil Smiley Happy 

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Veteran Advisor

Re: For those of you that are interested

That isn't exactly what he said.  If your total income for a year, you will have your SS taxed.  My wife and I make more than $32K from our retirement.  Therefore, we pay income tax on our SS.  Of course, you pay income tax on any money you earn while on SS.  Why wouldn't you?  But if it is less than $25K as an individual or less than $32K for a couple, then your SS is NOT taxed.

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Veteran Advisor

Re: For those of you that are interested

I knew it was taxed.  However, I'll bet you a six pack of Coke (or Pepsi) that before Obama is out of office, the tax rate will go up.  Would it be because he hates seniors, or would it be, because it is mathematically necessary?