Ask Larry: Questions and Answers

Displaying 211 - 220 of 10063 questions.

What Should I Do If I Made A Mistake On My Online Application?

I wanted to get an early start on applying for Medicare A but I went to the wrong place and started Apply for Benefits. Has not been submitted but it says if they don’t receive it by a certain date I will be penalized. I turn 65 soon so I can apply for Medicare A but I can’t get social security for another year and some odd months. I cleared out as much info on the form I could so it will not submit. I can’t delete it. Can’t change the start date. what the heck to do.

Hi. When you start an online application for Medicare or monthly Social Security benefits . . . Read More

Category: Filing For Benefits
Posted: Mar 4 2023 - 1:44pm

What Should I Do Since I'm Receiving SSI And I Won $2000 At A Casino?

Im on supplemental security income and I won $2000 at casino, whats going to happen to my benefits & what should I do?

Hi. You're required to report your winnings to Social Security, so you should do so ASAP. Supplemental Security Income (SSI) is needs based, so any type of income you receive could reduce your SSI payment rate for at least one month. And, there is also a $2,000 asset limit for SSI eligibility, so your winnings could affect your eligibility for SSI payments as long as your countable assets exceed the $2,000 limit.

Best, Jerry . . . Read More

Category: Supplemental Security Income
Posted: Mar 4 2023 - 1:36pm

If I Wait To Collect My Deceased Husband's Benefits Will COLA Increases Be Added To His Benefit Amount?

Hi Larry,
My husband was receiving his social security at his FRA when he passed away last August 2022. I was told that if I applied for survivor benefits at my age of 62, I would only receive 80% of his benefit. My question is if I wait to collect his benefit, would his social security benefit be affected by the cost of living allowances & increase or because he is deceased will the amount will stay the same? Thank you,

Hi. I'm sorry for your loss. Widow's benefit rates are increased by all Social Security cost of living (COLA) increases that . . . Read More

Category: Widow's Benefits
Posted: Mar 3 2023 - 11:58am

How Much Less Will My Payment Be If I Earn $25,000?

If I’m drawing 1886 a month from ss and I take a 25000 yr job how much less would payment be I collected at 63

Hi. Assuming that you'll be under your full retirement age (FRA) throughout 2023, then Social Security would need to withhold $1 of your benefits for each $2 that you earn in excess of $21,240 this year. They don't do that by reducing your monthly benefit amount, though. Instead, they suspend your benefit payments for as many months as it takes to withhold the required amount.

If you earn $25,000 this year, $1,880 of your benefits would . . . Read More

Category: Earnings Test
Posted: Mar 3 2023 - 11:46am

Is There Anything I Can Do To Expedite My Reconsideration?

I am writing about what, if anything, I can or should do regarding my pending Requests for Reconsideration (Form SSA-51-U2) filed with Social Security about why I have not been receiving the maximum monthly benefit. I have filed Requests for 2021, 2022, and 2023.

I believe that I should be receiving the maximum monthly benefit because (1) I deferred collecting Social Security until I reached 70 and (2) my earnings exceed Social Security's maximum taxable income for more than 35 years. For example, in 2023, I am receiving $ 4441.90 rather than the maximum of $ 4555. . . . Read More

Category: Filing An Appeal
Posted: Mar 2 2023 - 5:50pm

Will My Wife's Spousal Rate Increase In The Future?

My wife took SS AT 62. I am applying for SS at 66, six months early to my FRA. If my wife does not apply for spousal now, will her spousal increase in the future? Or will it be based on my SS now when I apply ?

Hi. Your wife's spousal benefit rate would increase with all future Social Security cost of living (COLA) increases, regardless of whether she claims the benefits now or in the future. However, if she starts drawing spousal benefits prior to her full retirement age (FRA), the percentage reduction for age that would apply to her benefit rate would be . . . Read More

Category: Spousal Benefits
Posted: Mar 2 2023 - 5:42pm

Why Is Social Security's Online Application Rejecting My Answer?

My Birthday is 7/9/1961.
Applying on line. Question on have you been not able to work in the last 14 months. I choose no. It's giving me a error.
Says I need to choose yes. But should be no.

Hi. I'm not an expert on Social Security's online application process, but I do know that you aren't allowed to apply for benefits more than 4 months prior to the month that you want to start your benefits. If you were born on July 9 1961, the earliest month that you could qualify for Social Security retirement benefits is August 2023. You must be at least . . . Read More

Category: Filing For Benefits
Posted: Mar 2 2023 - 1:22pm

Can I Collect Survivor Benefits From My Parents' Social Security?

Firstly, both of my parents have passed; one 12 years ago and the other 11 years ago. I am wondering if I can collect survivor benefits and do I need to be 60 yrs old to do so?

Hi. I'm sorry for your loss. The only way that you could collect survivor benefits from your parents' Social Security accounts is if you qualify for child or disabled adult child (DAC) benefits. To qualify, you would need to be a) unmarried, and b) either under age 18, or a full time high school student age 18 to 19, or be disabled due to an impairment that began prior to age 22 ( . . . Read More

Category: Survivor Benefits
Posted: Mar 2 2023 - 11:48am

Which Line Of The Tax Form Schedule SE Is Recorded By SSA?

Hi Larry.
Can you tell me from which line on Tax form 1040 Schedule SE the Substantial Earnings are recorded by SSA?

Thanks, Steve

Hi Steve. On the current form Schedule SE, the amount recorded by Social Security is the smaller of line 6 or line 9, rounded up to the next dollar.

Best, Jerry

Category: Earnings Subject To Social Security Taxes
Posted: Mar 2 2023 - 11:34am

What Is The Best Filing Strategy In My Case?

Hi, Larrry

My husband of 13 years passed away March 8, 2022. He retired with Social Security at full retirement age as far as I know. He was retired from the Navy after 20+ years of service. He drew a pension, VA disability benefits, and Social Security disability benefits.He was 73 when he passed. I will be 60 March 2023. According to a lady at our local Social Security office, I can draw $1,400 per month beginning in April 2023 (or wait to draw adding $6 per month that I defer widows benefits up to my FRA). However, I currently work full time and any benefits from SSA . . . Read More

Category: Filing Strategies
Posted: Mar 2 2023 - 7:53am
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