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Category: Finance
Satisfied Customers: 4623
Experience:  Tax professional and business consultant for 35 years.
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I just received a letter from Tom Dyson, informing me of a

Customer Question

I just received a letter from Tom Dyson, informing me of a new law thatwould takem $60,000. from your social security account starting on04/30/2016 I don't want that to happen on my social security account or my wife's account. Can you advise me howntondo it?
Submitted: 1 year ago.
Category: Finance
Expert:  PDtax replied 1 year ago.
Hi from just answer. I'm PDtax. I know what he's selling.The amount is what might be lost if you were eligible for a file and suspend social security claim and you didn't claim it.
Expert:  PDtax replied 1 year ago.
It is only for joint claimants, one high income earner and a spouse who wants a spousal benefit. The spouse should be at full retirement age to claim a 50% spousal benefit for years 66-70. That benefit, maxed out at $1300 or so per month, comes out to $60,000 or so.
Expert:  PDtax replied 1 year ago.
Since it is after April 30, 2016, the rules for claiming a file and suspend spousal benefit changed.I hope that clarifies things. If so, positive feedback is appreciated. I'm PDtax.