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lev-tax
lev-tax, Tax Advisor
Category: Social Security
Satisfied Customers: 29580
Experience:  Taxes, Immigration, Labor Relations
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I was off from my job. I started taking my social security

Customer Question

I was laid off from my job. I started taking my social security payments at 63 . I finally found a job and put my s/s payments on hold . There was a two week lapse from my first check at work and my last payment from s/s. I am being butchered for losing my job and taking s/s at 63. The s/s office tells me that I owe $7250 for seven months that they paid me for s/s. Being that I did not collect pay from s/s while I got paid from my job . I collected s/s benefits before I found a new job . What are your thoughts on my problem ?
I thought that I could collect money from s/s as my survival to safe my house as my wife does not work.
Submitted: 1 year ago.
Category: Social Security
Expert:  lev-tax replied 1 year ago.

First of all if you start taking social security benefits before your full retirement age (which is 66 in your case) - your benefits are permanently reduced.

Second - as your income is above certain limit - most of social security benefits are taxable.

So - you might consider to pay back that amount - and you will be considered as never started your social security benefits.

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Then - we need to understand WHY the SSA determined that you was overpaid...

You can get Social Security retirement benefits and work at the same time.

However, if you are younger than full retirement age and make more than the yearly earnings limit, the SSA will reduce your benefit.

Starting with the month you reach full retirement age,they will not reduce your benefits no matter how much you earn.

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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Expert:  lev-tax replied 1 year ago.

You still have an option NOT to repay all or part of your benefits by using a special rule that applies to earnings for one year, usually the first year of retirement.

Sometimes people younger than full retirement age retire in the middle of the year and have already earned more than the yearly earnings limit. There is a special rule that applies to earnings for one year, usually the first year of retirement. Under this rule, you can get a full Social Security benefit for any whole month you are retired, regardless of your yearly earnings.

If you will be under full retirement age for all of 2016, you are considered retired in any month that your earnings are $1,310 or less and you did not perform substantial services in self employment.

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So - these are your options.

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