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Ms. Joy, I am now a subscriber to JustAnswer so I can ask

Hello Ms. Joy,I am now...
Hello Ms. Joy,I am now a subscriber to JustAnswer so I can ask you more questions.On August 20, I asked you whether I should stop social security payments since I had returned to work several months after claiming a once-a-lifetime retirement.  Your previous advise to me was to notify Social Security to stop my payments as soon as possible so as to reduce the amount I owe, as I expect my earnings to exceed the threshold of approximately $16K.  I am wondering if there are any laws or regulations that impose a deadline on when I must report my earnings.I plan to meet with Social Security in January 2018 when my Social Security payments are assured/protected because I reach full retirement age at that time and work will not be an issue.  I can trade next year's payments for this year's if need be.  My question is :  Does the law impose a deadline for me to report my earnings to Social Security Administration when I return to work after claiming a once-a-lifetime retirement ?  For example, does the law require me to report my earnings when I reach the threshold of approximately $16K ?Best regards,
Wei-Yue Lim
JustAnswer Member
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Answered in 1 hour by:
9/24/2017
emc011075
emc011075, Tax Adviser
Category: Social Security
Satisfied Customers: 3,242
Experience: Tax adviser IRS licensed Enrolled Agent and tax instructor
Verified

Hi. My name is ***** ***** I will be happy to help you.

If you expect earnings over 16K for the year you should notify social security as soon as possible to avoid overpayment situation. It may be too late if you wait until you earn 16K. There are no laws when to report it but as soon as social security finds out about your earnings (generally after your employer files his annual payroll returns), social security stops your benefits if, based on your earnings you received more benefits than you should have. Generally it is better to notify social security ahead of time and have your benefits adjusted during the year that deal with the overpayment.

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Customer reply replied 2 months ago
Thank you. When do employers generally file their annual payroll returns ?

Annual returns are due on January 31. That's when the employer issue you your W2.

emc011075
emc011075, Tax Adviser
Category: Social Security
Satisfied Customers: 3,242
Experience: Tax adviser IRS licensed Enrolled Agent and tax instructor
Verified
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emc011075
emc011075, Tax Adviser
Category: Social Security
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