Retirement

In 2016, the AGI phase-out range for taxpayers making contributions to a Roth IRA is $184,000 to $194,000 for married couples filing jointly, up from $183,000 to $193,000 in 2015.
For singles and heads of household, the income phase-out range is $117,000 to $132,000, up from $116,000 to $131,000.
For a married individual filing a separate return, the phase-out range is not subject to an annual cost-of-living adjustment and remains $0 to $10,000.
In 2015, the AGI phase-out range for taxpayers making contributions to a Roth IRA is $183,000 to $193,000 for married couples filing jointly, up from $181,000 to $191,000 in 2014.
For singles and heads of household, the income phase-out range is $116,000 to $131,000, up from $114,000 to $129,000.
For a married individual filing a separate return, the phase-out range is not subject to an annual cost-of-living adjustment and remains $0 to $10,000.
In 2014, For the filing status of: Married Filing Jointly AGI Phase-out range = $181,000 - $191,000
For the filing status of: Single AGI Phase-out range = $114,000 - $129,000
For the filing status of: Married filing Separately AGI Phase-out range = 0 - $10,000

Generally, if your provisional income is more than a base amount, the difference is taxable,
Generally, Provisional income = total income plus half your social security received plus tax exempt interest minus certain adjustments.
The base amount is $25,000 for filing status of single, head of household, widower and married filing separately.
The base amount is $32,000 for filing status of married filing jointly.

If your birth year is:
1943-1954 the your full retirement age is 66
1955 the your full retirement age is 66 and 2 months
1956 the your full retirement age is 66 and 4 months
1957 the your full retirement age is 66 and 6 months
1958 the your full retirement age is 66and 8 months
1959 the your full retirement age is 66 and 10 months
1960 and after the your full retirement age is 67

If you are under full retirement age (ages 66-67 depending on date of birth) for the entire year, SSA deducts $1 from your benefit payments for every $2 you earn above the annual limit. For 2013, that limit is $15,120.
In the year you reach full retirement age, SSA deducts $1 in benefits for every $3 you earn above a different limit, but SS only counts earnings before the month you reach your full retirement age. If you will reach full retirement age in 2013, the limit on your earnings for the months before full retirement age is $40,080.
Starting with the month you reach full retirement age, you can get your benefits with no limit on your earnings.

In 2013 wages up to $113,700 are subject to social security tax and the maximum social security withholding would be $7049.40.
Employers should withhold Social Security taxes (6.2 percent) from employee's wages up to $113,700 and withhold Medicare tax (1.45 percent) on all wages.
In 2012 wages up to $110,100 are subject to social security tax and the maximum social security withholding would be $6826.20.
Employers should withhold Social Security taxes (4.2 percent) from employee's wages up to $110,100 and withhold Medicare tax (1.45 percent) on all wages.

There is currently no provision in the code which allows for distributions from any IRA to pay for college education without incurring severe tax ramifications. We recommend that you consider distributions from your IRA to pay for college costs as your last choice. Explore other options first.

If you are receiving survivor Social Security benefits because your spouse has died, you will not lose the survivor benefits if you remarry as long as you are age 60 or older. If you remarry, you might see your monthly Social Security check increase because you may qualify for higher benefits based on your new spouse's earnings history. You have an option to choose the higher of the two amounts. If you have children who are also receiving benefits, their status will be unaffected by your remarriage.

A Roth IRA is an individual retirement plan that bears many similarities to the traditional IRA, but contributions are not tax deductible and qualified distributions are tax free.
Similar to other retirement plan accounts, non-qualified distributions from a Roth IRA may be subject to a penalty upon withdrawal.
A qualified distribution is one that is taken at least five years after the taxpayer establishes his or her first Roth IRA and when he or she is age 59.5, disabled, using the withdrawal to purchase a first home (limit $10,000), or deceased (in which case the beneficiary collects). Since qualified distributions from a Roth IRA are always tax free,

A Roth IRA is a special non-deductible IRA. Even though you contribute to the account with your after-tax dollars, all withdrawals are tax free if you meet the following conditions: you are at least 59 and a half and an account has been in existence for at least five years.
In other words, you will never pay any taxes on earnings that your IRA fund will generate after turning 59 and a half. There are no mandatory minimum distributions at age 70 and a half, as in the case of a traditional IRA plan.
This feature allows passing on more savings to your beneficiaries if you wish to do so. You can withdraw money from your Roth IRA at any time without paying taxes up to the amount of your contributions. Dipping into the earnings will have no tax consequences.
There is no age limit on contributions. Every person with earned income, within limits established by the IRS (in general, your modified adjusted gross income must be less than $110,000), is eligible to open a Roth IRA.
For this purpose, the IRS considers as earned income wages, salaries and money made from being self-employed. Other income is considered passive (dividends, interest, rental properties etc.) and cannot be used to fund a Roth Individual Retirement Account.