If you have retired early and you have earnings over $12,900, you have to pay back one dollar of ss benefits for every $2.00 in earnings. How does the government collect this payment from you? Is it a deduction from your future ss payments?
2007-03-30 16:56:08 · 4 answers · asked by Cal Kid 2 in Business & Finance ➔ Taxes ➔ United States
The Social ecurity Administration will contact you and give you a choice. You may either pay it back with a check or you can elect to pay it back with reduced monthly benefits in the future.
2007-03-30 22:29:11 · answer #1 · answered by waggy_33 6 · 3⤊ 0⤋
They calculate what your annual payment is to be, including that calculation, and your check is for the net of that amount.
When you file your taxes, if your income is too high, then when you pay your federal taxes you pay back any additional social security you didn't deserve.
2007-03-30 17:00:23 · answer #2 · answered by Anonymous · 0⤊ 2⤋
When you file your income taxes every year. You might want to consider starting quarterly payments. Double check that figure of $12,900...I thought it was $24,900. Good Luck!
2007-03-30 17:01:39 · answer #3 · answered by Barbara 5 · 0⤊ 3⤋
yep
2007-03-30 16:57:48 · answer #4 · answered by Chrys 7 · 0⤊ 1⤋