I made a mistake in the sequencing of my application for social security benefits. I began receiving benefits last month at the age of 68. However, I will need to continue working for several more months, and the tax consequences of this situation will be burdensome. Do I have the option to withdraw my claim and reapply at a later date (rather than just deferring payments)?
Yes, as long as you file your request within 1 year of your initial entitlement date, you can withdraw your application. You're not permitted to withdraw more than once, however, so I'm assuming this is the first time that you've applied for benefits. Also, you will have to repay any benefits you've received prior to the processing of your withdrawal request. For more information, refer to this link on Social Security's website: https://www.ssa.gov/planners/retire/withdrawal.html.