Earnings Test

When Will My Bonus Count For Social Security Earnings Test Purposes?


I'm considering retiring at the end of this year (2016). I may qualify for a bonus based on work done in 2016. If so, the bonus will be paid in 2017. I will likely have to include the bonus payment made in 2017 in my income tax return for that year. Will Social Security count this income for the earnings test in 2017 even though it was earned in 2016?


Will I Recover the Withheld Payments?


I stuck myself with early filing at age 62 and was still working. I'm 66 now and continue to work. When I filed my earnings for the previous 36 quarters were $103,189 and my payment was $937. Most of which I never received. Now they are $205,201 and I receive $1107. My current income is even higher. Will I recover the with held payments, and will I benefit from the increased earnings?

Can I Get Child's Benefits If My Earnings Exceed The Exempt Amount For The Earnings Test?


I am 62 and I have two dependent children under 19. One is 12 and the other 15. I know they can get some of my benefit each month and I would like to start receiving it for them. I do plan on continuing to work for another 3 to 4 years and will definitely exceed the income limits therefore causing my benefits to be zero. Is there a way to file and get the kids their benefit and have it continue even if I exceed the income limits?
Please advise and thank you.

What Should I Do If I Return To Work After Filing?


Due to a major job loss 6 years ago, I had to take my social security at 62. Since then, (18 mos later) I found a job paying a 10th of my prior earnings. I made 35,000 in 2015 and SS had contacted me stating I must repay over $9000 of what I collected in 2015 within 30 days. Then the will reduce my benefits. First are the benefits lost or will they go back into my account? Second I don't have the money to repay - what happens, Can I suspend the benefit so it may become greater? I don't know what to do.

Can My Wife Reduce Her Countable Earnings By Contributing To An IRA?


Hello Larry-My wife turned 62 last year and is collecting SS benefits. She is, of course, limited to the $15720 annual earnings limit. My question is this: my wife will earn around 17K this year if she maintains her part time work schedule as it is now. If she makes an IRA contribution of at least the amount she earns over $15720, will that prevent SS from withholding money for having gone over the earnings limit or does SS only look at total earned income?
Thank you...........Dave

Hi Dave,