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Adjusted Gross Income includes your taxable wages, pensions, interest, dividends, other taxable income and tax-exempt income. If you have provisional income of less than $25,000 ($32,000 if you are married and filing a joint return, none of your Social Security benefits will be taxable. If your provisional income is between $25,000 and $34,000 ($32,000 and $44,000 if married and filing a joint return) up to 50% of your benefits may be taxable. If your provisional income is more than $34,000 ($44,000 if married and filing jointly) up t 85% of your Social Security benefits may be taxable.
You need to know if you will receive reduced social security benefits due to earnings in retirement. In 2016, if you work and start receiving benefits before full retirement age, $1 in benefits will be deducted for each $2 in earnings over $15,720. In the year you reach full retirement age, your benefits will be reduced $1 for every $3 in earnings, until the month you reach full retirement age, above $41,880. Once you reach full retirement age your social security benefits will not be reduced no matter how much you earn.