Social Security and income question

[kaneohe]

Quote:

Originally Posted by MissMolly No. IRA contributions are added back in to your AGI to get your MAGI. You can, however, make qualified charitable deductions to get your MAGI lowered. https://www.healthmarkets.com/resour...what-is-irmaa/

just remember......no QCDs until you are 70.5

[kimcdougc]

Thank you for all the knowledgeable posts. DH is turning 62 in November and will begin his ss in January 2020. It sure does help know how much he can "earn" etc. Saves me from having to look all this stuff up. Again, thanks.

[MissMolly]

Quote:

Originally Posted by kaneohe just remember......no QCDs until you are 70.5

Oh, yes, a big thing to remember. Remiss of me not to say that. Thank you for clarifying.

[kaneohe]

Quote:

Originally Posted by JAB1950 Can you avoid the SSI reduction due to excess earnings if you contribute the overage amount to an IRA?

No because the earnings used are gross earnings if from wages:

https://www.ssa.gov/pubs/EN-05-10069.pdf
"What income counts…and when
do we count it?
If you work for someone else, only your
wages count toward Social Security’s
earnings limits. If you’re self-employed,
we count only your net earnings from
self-employment. For the earnings
limits, we don’t count income such as
other government benefits, investment
earnings, interest, pensions, annuities,
and capital gains. We do count an
employee’s contribution to a pension
or retirement plan, however, if the
contribution amount is included in the
employee’s gross wages."

[GenXguy]

You may also not pay SS taxes on health insurance and flex spending plans through your employer, among some other things. I know I don't. This is accounted for on your W2 where it shows SS wages.