Here Are the Biggest Tax Mistakes Retirees Make

Robert Powell has tips for retirees getting ready to file taxes, the most common mistake and how future retirees can prepare their taxes.
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"If you're getting social security benefits, and you're either below full retirement age or after retirement age, you need to know how social security is taxed relative to your earned income," advised  Retirement Daily's Robert Powell. 

Powell sat down with TheStreet's Katherine Ross and outlined three things every retiree must know before they file their taxes in 2019. 

He says "If you're below full retirement age and you're earning income, social security will deduct $1 for ever $2 you earn above a certain threshold. For 2019, that threshold is $17,640. So, let's give you a for instance, if you are earning $20,000 that means you are $2,360 above the threshold... Social security will deduct $1,180 from your benefit leaving you with a net benefit of $820."

So, what happens if you are above retirement age and you keep working? Powell breaks it down in the video above.

Want More Tax advice?  Be sure to join our live webinar with our exclusive partners Turbo Tax. Be sure to join Turbo Tax's Lisa Greene-Lewis and TheStreet's Tracy Byrnes when they discuss 'The Most Overlooked Tax Deductions".  Catch it on TheStreet Live Friday, March 29, 2019 on TheStreet.com.

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