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TaxRobin
TaxRobin, Tax Preparer
Category: Social Security
Satisfied Customers: 15711
Experience:  15+ years in tax preparation and instruction
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Under my current employment arrangement I can carry over a

Customer Question

Under my current employment arrangement I can carry over a significant amount of vacation time that adds up to a sizable about of money. I am hoping to reduce my income tax exposure by deferring the pay out of the vacation check to next year while retiring on January 1, 2018. Would the $2 for $1 Social Security Offset be applicable if the vacation check was to be issued to me during 2018?
JA: The Retirement Accountant will know how to help. Is there anything else important you think the Retirement Accountant should know?
Customer: NOT AT THIS TIME
Submitted: 1 month ago.
Category: Social Security
Expert:  TaxRobin replied 1 month ago.

Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

Expert:  TaxRobin replied 1 month ago.

Yes it will count if you are not at full retirement age (66 years of age for most people). If you worked for wages, income received after retirement counts as a special payment if the last task you did to earn the payment was completed before you stopped working. Some special payments to employees include bonuses, accumulated vacation or sick pay, severance pay, back pay, standby pay, sales commissions, and retirement payments.

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