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I am now 65.took early retirement.working full time

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Hi,i am now 65.took...

Hi,i am now 65.took early retirement.working full time now.received ss benefits in 2016 .paid all income taxes(85%) on benefits received. got letter from ssa that i need to pay back total amount received.is this a mistake or i need to amend my 2016 irs 1040

Accountant's Assistant: These retirement benefits are supposed to help us but they can be so complicated! The Retirement Expert will help you get the most benefits propertly. Is there anything else the Retirement Accountant should be aware of?

If you can, pl answer the question

Submitted: 8 months ago.Category: Social Security
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Answered in 8 minutes by:
9/18/2017
Social Security Expert: lev-tax, Tax Advisor replied 8 months ago
lev-tax
lev-tax, Tax Advisor
Category: Social Security
Satisfied Customers: 32,860
Experience: Taxes, Immigration, Labor Relations
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The issue is likely related to your age...

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.

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Social Security Expert: lev-tax, Tax Advisor replied 8 months ago

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

For 2017 that limit is $16,920, for 2016 that amount was $15,720.
Thus if your were overpaid - then the SSA will ask you to pay back overpaid amount.
Depending on circumstances - that may be full amount of your benefits or may be only a part of that.

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Customer reply replied 8 months ago
not the answer. question remains same.after i paid taxes on the money received,why are they asking money back.is this even a case?
Social Security Expert: lev-tax, Tax Advisor replied 8 months ago

Now - regarding your tax liability - that is determined separately for each tax year.
If benefits were PAID to you in 2016 and were NOT paid back in 2016 - that amount is included into your 2016 tax return - so you reported that correctly and no need to amend your 2016 tax return in this situation.

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Social Security Expert: lev-tax, Tax Advisor replied 8 months ago

However - if you will pay back the income which previously was included into taxable income - that classified as "repayment"

So you will report that repayment on your tax return for the year when your actually will repay.
For instance - if you will partially repay in 2017 and in 2018 - you will claim repayments on each of these tax returns.

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Customer reply replied 8 months ago
do i have to pay this money back to ssa even though i reported income and paid taxes
Social Security Expert: lev-tax, Tax Advisor replied 8 months ago

Now - after we re-evaluate your situation - and I hope we have similar understanding - your specific question -
after i paid taxes on the money received,why are they asking money back.is this even a case?
"They" - are two different agencies - the SSA and the IRS.

If the SSA overpaid you benefits - they are required to collect these overpaid amounts back.
The SSA has no concern if these benefits are taxable for you or not.

.
Tax liability is determined by the IRS - and that is separate issue.
Your tax liability and deductions are based on specified period - "tax year" - whatever you received during that tax year is included into THAT tax return. If you paid back during that tax year - that amount is NOT included into your tax return.
But when you paid back in a different tax year - you will report that on a that different tax year return.
I will help you with reporting if needed.

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Social Security Expert: lev-tax, Tax Advisor replied 8 months ago

I appreciate if you take a moment to rate the answer.
Experts are ONLY credited when answers are rated positively.
If you still have any doubts, need clarification - please be sure to ask.
I am here to help you with all Social Security / Tax related issues.

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Category: Social Security
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