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I got a letter from social security that based my 2018

Customer Question
I got a letter...

I got a letter from social security that based my 2018 deduction on my 2016

Accountant's Assistant: The Retirement Accountant will know how to help. Please tell me more, so we can help you best.

I got a letter from social security that base my 2018 deductions on my 2016 IRS. reported earnings is that the way it is done now?.

Accountant's Assistant: Is there anything else important you think the Retirement Accountant should know?

With a 2.0 percent raise my check would have been $1656.60 instead the will deposit $1153.30 in January 2018.

Submitted: 4 months ago.Category: Social Security
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Answered in 7 minutes by:
11/28/2017
Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 4 months ago
Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 14,005
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986
Verified

Hi. My name's Lane.

I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice 1986.

...

I'm so sorry to have to be the messenger here but yes, this is the way it's always worked (since the income based premiums came into play several years ago).

...

You can read more about this here: https://www.ssa.gov/pubs/EN-05-10536.pdf

...

The reason there's essentially a two year lag is the extension of a 2016 return due in april of 2017, for example, is due by October. This means that IRS reviewing and processing of THOSE returns isn't completed until late 2017 sometimes 2018.

...

However, if you'll note on page 4 of the document I linked for you, they do have a process for making exceptions if your income has gone down since then

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Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 4 months ago

Please let me know if you have ANY questions at all, before rating me.

If this has helped, and you DON’T have other questions … I'd appreciate a positive rating, using the stars on your screen, and then clicking “submit" – That’s the only way I’ll be credited for the work.

I hope you’ll rate me based on my accuracy and thoroughness (as opposed to any good news/bad news content). Thank you!

...

But again, if you need more on this, please let me know.

Lane

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Lane
Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 14,005
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Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986

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