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Merlo
Merlo, Accountant
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Experience:  25+ years tax consulting. Specializing in returns for US citizens living abroad
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what is form 3881-bk and form 521b

Resolved Question:

what is form 3881-bk and form 521b
Submitted: 4 years ago.
Category: Tax
Expert:  Merlo replied 4 years ago.
Hello tam,

Form 3881-BK is an informational form required by the Social Security Administration for children who are claiming Supplemental Security Income benefits. Here is a link to that form.

http://www.docstoc.com/docs/414066/Social-Security-Administration-Forms---SSA-3881-BK---Questionnaire-for-Children-Claiming-SSI-Benefits

Form 521 is also a Social Security form which is filled out when you wish to withdraw an application you made for any type of SS benefits.

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Thank you tam and let me know if you have more questions.

Customer: replied 4 years ago.
I thought that there is another use for the 521 form for a greater amount that you can get from ssi
Expert:  Merlo replied 4 years ago.
Hello again tam,

The form 521 itself it not was is used to increase your benefits. The form 521 is used to withdraw your current SS application, and then you can reapply for benefits which may now be higher since your age has increased. Here is an example of how this works.

Anyone who has applied for SS can also place a request to withdraw their application. If you applied five years ago and started receiving checks when you were 62, for example, you could file from SSA-521 to request a withdrawal of your application, and then after that’s processed you could apply for SSagain, this time at the much higher payments you would receive as the 67 year old that you now are.

 

The catch is that you have to repay any money you received. Which stands to reason, if you’re withdrawing your application five years after the fact you have to pay back those 5 years of SS checks. However, this can still be beneficial to you.

Essentially you have received an interest-free loan all these years. So now you repay those benefits and re-apply for the higher amount to which you are now entitled.

 

If this was helpful please press the Accept button.

Thank you tam and let me know if you have more questions.

Merlo, Accountant
Category: Tax
Satisfied Customers: 9783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
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