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lev-tax
lev-tax, Tax Advisor
Category: Social Security
Satisfied Customers: 28082
Experience:  Taxes, Immigration, Labor Relations
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Tell me about the SS loophole that closes tomorrow

Customer Question

Tell me about the SS loophole that closes tomorrow
Submitted: 7 months ago.
Category: Social Security
Expert:  lev-tax replied 7 months ago.
Actually - today is the last day...Under the current law when you reach the FRA (full retirement age) - you may file a restricted application. The restricted application allows you to delay your social security benefits and keep them grow till age 70 and you become eligible to claim a spousal benefit based on YOUR spouse s earnings record.
Expert:  lev-tax replied 7 months ago.
The law which we are discussing is The Bipartisan Budget Act of 2015 on 11/02/2015 it Became Public Law #114-74Here is the documenthttps://www.congress.gov/114/plaws/publ74/PLAW-114publ74.pdfHowever that specific provision will be in effect starting May 1st of 2016.See SEC. 831. CLOSURE OF UNINTENDED LOOPHOLES.on page 26 in this document...I appreciate if you take a moment to rate the answer.Experts are ONLY credited when answers are rated positively.If you still have any doubts, need clarification - please be sure to ask.I am here to help you with all tax related issues.

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