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Can I Earn Income Or Not?


uapao1
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Question

I am a 100% DAV for PTSD, DMII, and a handful of other maladies. I heard something today that has raised a BIG Q.

Am I or am I not allowed to earn any income without jeopardizing my SSDI benefits?

Thanks,

Jim Gilmore

307 FMS U-Tapao AB, Thailand 71-72

617 MASS Da Nang AB, Vietnam 72

616 MASS Tan Son Nhut AB, Vietnam 72-73

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If you are on SSDI and are under your retirement age then there is some effect. If you are over your retirement age ( I say you may be due to service in Vietnam) Then SSDI reverts to regular SSA and you may be able to earn whatever you can. Thh only caveat is if your rating is not schedular and you are receiving IU then that may also effect your ability to earn.

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I am recently 62(June) and am fully RATED 100% - NO IU. I also have a modest pension from FedEx.

Jim

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If you are not 100% due solely to PTSD you can earn money. If you took a reduced SS retirement at age 62, you should apply for SSDI, using the either the date you retired or the date you were awarded 100%, whichever is the earliest. When you win the SSDI, they will up your rate, retroactively, to the full retirement rate, that you lost by taking early retirement. I believe that SS takes $1 for every $2 you earn until you reach age 66, at which point they no longer take anything except any income taxes due.

pr

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what pr said and ssdi does check your earned income tax returns

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  • HadIt.com Elder

If you are not 100% due solely to PTSD you can earn money. If you took a reduced SS retirement at age 62, you should apply for SSDI, using the either the date you retired or the date you were awarded 100%, whichever is the earliest. When you win the SSDI, they will up your rate, retroactively, to the full retirement rate, that you lost by taking early retirement. I believe that SS takes $1 for every $2 you earn until you reach age 66, at which point they no longer take anything except any income taxes due.

pr

It's not quite that simple. After 65/66, a percentage of the SS payment can still be taxed. The 1040 and so forth uses a method to compute what part of SSA is potentially taxable. When all is said and done, it's often the case that

the average person with average SSA and pension benefits, plus maybe modest investment income, may not pay tax anyway. At 70 1/2 classic IRA money must be distributed, again by formula, which may increase tax-ability of income. One major plus to VA compensation is that it's not taxable, and normally does not even appear on a tax return.

Edited by Chuck75
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