The Social Security Administration has announced the new amounts for 2020. The gross Social Security benefits are increasing 1.6% for 2020. Some of the other limits change by different percentages. Here is the information for 2020 (followed by 2019 amounts):
The amount of earnings subject to Social Security taxes increases to $137,700 (up from $132,900 for 2019).
The amount of earnings required to be subjected to Social Security taxes in order to receive a quarter of coverage increases to $1,410 (up from $1,360).
Earnings limitations for taxpayers who have not reached full retirement age (before having to repay Social Security benefits) increases to $18,240 ($1,520/month) [up from $17,640 ($1,470/month)].
Earnings limitations for taxpayers who reach full retirement age in the current year (before having to repay Social Security benefits) increases to $48,600 ($4,050/month) [up from $46,920 ($3,910/month)]. (“Full retirement age” is age 66 for those born in 1943-1954.)
The amount of the SSI Federal Payment Standard increases to $783/month (up from $771/month). For a married couple this increases to $1,175 (up from $1,157/month). The SSI Student Exclusion Limits increases to $1,900/month with an annual limit of $7,670 (up from $1,870/month with the annual limit of $7,550).
The Substantial Gainful Activity earnings increase to $1,260/month for non-blind disabled recipients (up from $1,220) while the blind disabled recipient amount increases to $2,110 (up from $2,040/month). The Trial Work Period earnings increase to $910/month (up from $880/month).
The full Fact Sheet can be found on Social Security’s web site www.socialsecurity.gov by entering FACT SHEET in the Search box.