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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 15484
Experience:  Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level
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I started collecting social security at 62 I am now 64 and

Resolved Question:

I started collecting social security at 62 I am now 64 and took 3/4 time job earning $60,000 per year. Started job in January 2013 and I have received 7 checks from social security. I have suspended my payments. How much will I have to give back
Submitted: 1 year ago.
Category: Social Security
Expert:  Megan C replied 1 year ago.

MyVirtualCPA :

I realize you have a question about social security. My goal is to help you better understand your options.

MyVirtualCPA :

How are you today?

MyVirtualCPA :

Your social security benefit is reduced $1 for every $2 you earn above $15,120.

MyVirtualCPA :

Therefore, with your earnings level, you will have to pay back up to $7,530

Customer:

Fine

MyVirtualCPA :

So, you would have to pay back up to $7,530

Customer:

When will I have to pay this money back?

MyVirtualCPA :

After social security gets records from the IRS about your earnings at the end of the year

Customer:

I started a bookkeeping practice and will be earning fees which will I have to give that money back

MyVirtualCPA :

When you file your tax return, that information is reported to the IRs

MyVirtualCPA :

then, the IRS reports your self employment earnings to Social Security

Customer:

So I should reserve monies to pay back above the 7530 you indicated?

MyVirtualCPA :

Yes, I would reserve earnings to pay back the $7,530

Customer:

In addition to the 7530 a reserve for self employment income as well?

MyVirtualCPA :

Yes

Customer:

Part of my current earning of 60,000 is housing allowance....for social security purposes is that considered income to be given back

MyVirtualCPA :

Yes, it's considered salary and so that is considered

Customer:

Thank you so much you have been a great help.

MyVirtualCPA :

Glad I could be helpful today. If you would, please rate my response as "excellent" so that I may receive credit for assisting you today

Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 15484
Experience: Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level
Megan C and other Social Security Specialists are ready to help you
Expert:  Megan C replied 1 year ago.
Thanks Raul for your positive rating. Please come back and visit MyVirtualCPA for any of your tax finance, or social security needs. It was a pleasure working with you today.

In a couple of days you will receive a survey. I would appreciate positive feedback on that survey, as it will help me with my status on the site. Thanks again for using JustAnswer.com
Customer: replied 1 year ago.
Just received a letter from Social Security. Based on 60,000 they claim I owe 11,352. This is based on seven payments I received From January to July. Please explain as this differs from your answer

Expert:  Megan C replied 1 year ago.
Thank you for your follow up. I'm not certain why the figures are different. You will need to call 1-800-772-1213 and speak with social security to determine how they calculated the amount. Thanks
Customer: replied 1 year ago.
I spoke with them and they i will owe 11,532.

Can provide me with your calculation

I earned $35,000 jan to jul

I received 13,532 in benefits jan to jul
I suspended social security benefits
starting August

Thank you
Expert:  Megan C replied 1 year ago.
Hello Raul,

I did not keep my notes from our chat, therefore I do not remember how I calculated your amount. Thanks for using JustAnswer.com and have a great day.
Customer: replied 1 year ago.
It was $7,530
Expert:  Megan C replied 1 year ago.
Yes, I know but I did not keep the calculation. Please let me know if you need anything additional. Thanks, and have a great day.
Customer: replied 1 year ago.
Can you calculate based on earned salary to date of 35,000 received social security benefits of $ 13,454 received.

Thank you
Expert:  Megan C replied 1 year ago.
When I calculate that, I get $9,940.

I take $35,000 - $15,120 and divide that result by 2.

Thanks

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Megan C
Megan C
Social Security Expert
15484 Satisfied Customers
Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level