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emc011075, Tax Adviser
Category: Social Security
Satisfied Customers: 2196
Experience:  Tax adviser IRS licensed Enrolled Agent and tax instructor
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I am out of work and on unemployment benefits. I am 64 and

Customer Question

I am out of work and on unemployment benefits. I am 64 and recently lost my job
when the company I was working merged with a larger company. My job was no
longer needed with the new company. I have made over $30,000 this year already.
If I apply for My Social Security Benefits this year will I have to pay back money to
Social Security because I have already made more this year then Social Security allows?
Submitted: 5 months ago.
Category: Social Security
Expert:  emc011075 replied 5 months ago.
Hi. My name is ***** ***** I will be happy to help you. Until you reach full retirement age, 66, your benefits will be reduced by $1 for every $2 you make over the $15,700. Since you already made over 30K you will most likely get very little or no benefits at all this year. Also if you apply for your benefits before your full retirement age, your benefits will be permanently reduced.
Customer: replied 5 months ago.
I should wait till the end of the year to apply for Social Security. I was'nt sure since I have not applied yet
that any money I made before my application would apply .
Expert:  emc011075 replied 5 months ago.
It would probably make more sense to wait until next year. It doesn't makes sense to receive benefits and than have it pay back because of your earnings. And you will end up paying more taxes as well. You do not have to apply but you can check with your local office how much you would get if any with your current year earnings. it really depends on how much you are eligible for. Nobody else has access to your work records so only SSA will give you a complete picture. Here's online calculator to determine the percentage of your benefits if you apply before your full retirement age: