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If I go over my income ceiling of 15600 what is the penalty…

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If I go over my...
If I go over my income ceiling of 15600 what is the penalty
Submitted: 2 years ago.Category: Social Security
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Answered in 5 minutes by:
2/1/2016
Social Security Expert: PDtax, CPA firm owner replied 2 years ago
PDtax
PDtax, CPA firm owner
Category: Social Security
Satisfied Customers: 5,038
Experience: 35 years tax and professional advice in all matters money
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Hi from just answer. I'm PDtax. I'll assist.

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Social Security Expert: PDtax, CPA firm owner replied 2 years ago

From SSA.gov on the subject:

"

  • We use the following earnings limits to reduce your benefits: If you are under full retirement age for the entire year, we deduct $1 from your benefit payments for every $2 you earn above the annual limit.

For 2016 that limit is $15,720."

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Social Security Expert: PDtax, CPA firm owner replied 2 years ago

They do the math and hold back benefits in the next year to get this repayment.

Thanks for asking at just answer. Positive feedback rating my assistance is appreciated. I'm PDtax.

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Category: Social Security
Satisfied Customers: 5,038
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Experience: 35 years tax and professional advice in all matters money

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