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PDtax
PDtax, CPA firm owner
Category: Social Security
Satisfied Customers: 4101
Experience:  35 years tax and professional advice in all matters money
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If I go over my income ceiling of 15600 what is the penalty

Customer Question

If I go over my income ceiling of 15600 what is the penalty
Submitted: 10 months ago.
Category: Social Security
Expert:  PDtax replied 10 months ago.

Hi from just answer. I'm PDtax. I'll assist.

Expert:  PDtax replied 10 months ago.

From SSA.gov on the subject:

"

  • We use the following earnings limits to reduce your benefits: If you are under full retirement age for the entire year, we deduct $1 from your benefit payments for every $2 you earn above the annual limit.

For 2016 that limit is $15,720."

Expert:  PDtax replied 10 months ago.

They do the math and hold back benefits in the next year to get this repayment.

Thanks for asking at just answer. Positive feedback rating my assistance is appreciated. I'm PDtax.