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PDtax, CPA firm owner
Category: Social Security
Satisfied Customers: 4518
Experience:  35 years tax and professional advice in all matters money
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I have just turned 67 and thinking about applying in 2016, I

Customer Question

I have just turned 67 and thinking about applying for benefits in 2016, I also have a tax lien that I am making monthly payments, how will the tax lien affect my SS benefits
Submitted: 1 year ago.
Category: Social Security
Expert:  PDtax replied 1 year ago.

Hi. I'm PDtax, and can assist. I assume you have a Federal tax lien.

Expert:  PDtax replied 1 year ago.

If you are current on your installment agreement, IRS typically does not look to other income or assets for enforced collection. Let's assume you aren't current.

IRS is limited by statute to 15% of your social security benefit. No more. They typically get it from the source before payment is made to you.

Expert:  PDtax replied 1 year ago.

Since the remainder is exempt from Federal enforced collection, in the event they levy on your bank account where the social security is deposited, you will be able to get those funds released as exempt.

Expert:  PDtax replied 1 year ago.

Thanks for asking at Just Answer. Positive feedback is welcomed if this covers your questions. If you need anything more, please ask. I'm PDtax.