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My company pension was bought out in 2016 so I had a high…

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My company pension was...

My company pension was bought out in 2016 so I had a high income and tax in 2016. I am told I will have a reduction in my social security in 2018 as a result. What do we call that reduction and where do I find information about it?

Submitted: 11 months ago.Category: Tax
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9/7/2017
Tax Professional: Tax.appeal.168, Tax Accountant replied 11 months ago
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 4,798
Experience: 3+ decades of varied tax industry exp. Tax Biz owner
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Hello. Thank you for choosing this Q&A service for assistance. My name is Angela. I will be assisting you.

Q: What do we call that reduction and where do I find information about it?

A: It is referred to the Government Pension Offset Provision. You can read about it at the following link;

https://www.ssa.gov/pubs/EN-05-10007.pdf

For other reading resources on the matter, you can refer to the following links;

https://www.fool.com/investing/general/2014/08/29/will-my-pension-cut-my-social-security-payments.aspx

http://www.aarp.org/work/social-security/info-05-2012/will-pension-lower-social-security-benefit.html

Let me know if you require further assistance with this matter. If not, I ask that you be so kind as to scroll to the top of the page and select 3 or more stars to positively rate my response so that I can receive credit for assisting you. Thank you in advance.

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