W2-Gs and Social Security

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BillyJoe
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W2-Gs and Social Security

Post by BillyJoe »

I wonder if anyone can answer this question. If you take early Social Security at age 62, I know that any earnings above a threshold will cause SS to be withheld $1 for every $2 earned, until you reach full retirement age. Does SS consider w2-g's as earnings for this example? I am not talking about taxes on the benefits, I am talking about the reducing of the SS benefit.
I have looked at many SS docs on the Internet, and cannot find a definitive answer.  

faygo
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Post by faygo »

 Just reread your question. I now understand that you are asking , are  W2gs treated the same way as self employment income and employer income to reduce SS payments ? I'd say a call to SS would be inorder.
Your right none of the SS info on line addresses this.

BillyJoe
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Joined: Sat Aug 23, 2008 2:00 pm

Post by BillyJoe »


 Just reread your question. I now understand that you are asking , are  W2gs treated the same way as self employment income and employer income to reduce SS payments ? I'd say a call to SS would be inorder.
Your right none of the SS info on line addresses this.
Thanks, Faygo. The only thing that I found was in SSA Pub 10069, which says:

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 are self-employed, we count only your net earnings from self-employment. We do not count income such as other government benefits, investment earnings, interest, pensions, annuities and capital gains.
So, can I interpret that to say that only net gambling winnings would affect earning limits? In other words, if I declared as much of a loss as I had in winnings, then my net is zero. Right?

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