That is what I said
Posted By: Patti on 2007-01-29
In Reply to: as I understood it when my parents retired--sm - ks
According to what I have read -- Over a certain age when you are receiving SS benefits -- I think it is age 70, you can earn as much as you want and not have your SS benefits reduced. Up to that age they will be reduced. But no matter what the age you do have to pay income tax on the INCOME that you make even if over age 70. Look at 1040 form. You have to pay income tax on interest income, pension, INCOME, annunities, etc. but not on SS. If they were to make an exception for paying income tax on interest income, etc. just because you were over age 70, that would really make the rich very happy. Ex-presidents over age 70 still file income tax returns. The 70 age rule applies to Social Security benefits. But if I am wrong then correct me.
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