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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.
Income Limits. In 2011, you can collect early Social Security and make up to $14,160 a year without penalty. For each $2 you earn over the limit, Social Security deducts $1 from your benefit amount. Once you reach the year of your full retirement age, yet before the month you reach full retirement, you can earn up to $37,680 without penalty.