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I’ve earned an extra 2500$ on the side and haven’t reported…

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Hello. I’ve earned an...

Hello. I’ve earned an extra 2500$ on the side and haven’t reported it for 6 months. I’ve just found out one should report income immediately if you earn money while collecting a benefit monthly check. If I report it that late will I be penalized or worse will I loose my monthly check?

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?

I’m going to report that to my local office. How can I defend the late reporting income?

Submitted: 7 months ago.Category: Social Security
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Answered in 2 minutes by:
12/18/2017
Social Security Expert: lev-tax, Tax Advisor replied 7 months ago
lev-tax
lev-tax, Tax Advisor
Category: Social Security
Satisfied Customers: 33,265
Experience: Taxes, Immigration, Labor Relations
Verified

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.

For 2018 that limit is $17,040.

If your earning is less than the limit - no need to report to the SSA.

Let me know if you need any clarification this matter.

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