Everyone, in today's video blog, I want to talk about working while collecting Social Security benefits. More specifically, I want to talk about working while collecting Social Security before your full retirement age. This is a topic that I think has been a little bit confusing for some people, so hopefully, after watching today's video, things will make a little bit more sense for you. As you may know, if you're working and collecting Social Security benefits before your full retirement age, the Social Security Administration has some limitations as to how much income you can earn. For the year 2017, the limit is $16,920. If you earn more than that amount, you're going to have to pay back $1 in benefits for every $2 earned over the limit. To simplify, if you're, let's say, $10,000 over that earnings limit, you're going to have to give back half of that, which is $5,000, to the Social Security Administration. So the first thing to consider is that if you're going to be working and collecting Social Security benefits, really put some thought into it and make sure that you're going to be underneath that earnings limitation. Because if you end up over that, things can get really complicated. I'm going to share with you, at the end of this video, a real example of one of our clients who ended up in a confusing situation. Hopefully, you'll find that interesting. Make sure you know the earnings limitation and whether you're going to be under it. Now, there are a couple of exceptions to that earnings limit. One is in the very first year that you apply for and begin collecting your Social Security benefits. In that first year, you're allowed to receive a full, unreduced Social Security check for any month that the Social...
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Social security benefits worksheet 2024 Form: What You Should Know
Add your name and any others you wish to sign. Write the following information. What is your full legal name and a description of the person you are writing? (The person you are using will have a SSN so if you are not sure your SSN you must obtain a photo ID. If you are not sure the person's Social Security number, call the Social Security Administration (SSA) Telephone number (call). If your full legal name is not in the first description of the person listed, you may use your middle initial.) Name of person to whom form is to be sent If this is your first written request form, please check the box to indicate that you have checked this box a number of times in the last 3 months if that's true. Your Social Security number (SSN) if requested. You must use your SSN to determine your tax status, the amount of Social Security benefits you will receive, and the amount of taxes paid. When a request is sent by mail and the IRS is able to obtain a Social Security Number for you. (See Notice 2011-27.) When we receive your request for Form 1040, we will add a number or other identifier on the form to tell the IRS who you are requesting the IRS to issue a payment benefit on. We have to be able to tell the IRS the person's address and Social Security number and the person must provide the information required. If no one lives at that address, we will use the last four digits of the SSN to tell the IRS who you are. (See Notice 2011-27.) Add your name, address and a description of the person you are writing to be the tax recipient on the Social Security Benefits Worksheet. Do you have proof of a qualifying death in relation to Social Security benefits for this person? (If the death of the person you are requesting Social Security Benefit payments for did not occur more than 2 years ago.) A death certificate or other record will show the date and cause of death. A copy of the death certificate or other record will be sent to the requesting person. The death certificate or other record must show name and address at the time of death. (If the death of the person you are requesting Social Security Benefit payments for did occur more than 2 years ago, you do not need a certification of death.
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