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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 16559
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

This answer was rated:

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

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 and other Social Security Specialists are ready to help you
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 3 years 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

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 3 years 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
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 3 years ago.
It was $7,530
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 3 years ago.
Can you calculate based on earned salary to date of 35,000 received social security benefits of $ 13,454 received.

Thank you
When I calculate that, I get $9,940.

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

Thanks