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What happens if I exceed the Social Security earnings limit?

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What happens if I exceed the Social Security earnings limit?

If you exceed the earnings limit, Social Security will hold off on sending your payment for as many months as it takes to “repay” the $1-for-$2 benefit withholding. You lose $1 in benefits for every $2 of work income above that amount. In this case, that’s $3,020 (half of the $6,040 you earned that exceeds the limit).

How do you pay back Social Security?

Using Pay.gov to Make Your Payment

  1. Use the link in your billing notice or visit Pay.gov.
  2. Enter ‘Social Security’ in the search box.
  3. Click on “Continue” under the Repay Your Social Security Overpayment Online section.
  4. Follow the instructions on the following page and click “Continue to the Form.”

How long do you have to pay back Social Security overpayment?

SSA will ask you to repay the overpayment within 30 days. If you cannot afford to pay the full amount all at once, you can ask SSA to pay back the overpayment in installments. If you do not repay the overpayment, SSA may do one or more of these: Garnish your wages.

How do I not pay back overpayment of Social Security?

Ask for a Waiver. If you agree that you were overpaid, you can still ask SSA to waive it so that you don’t have to pay it back….SSA must automatically waive your overpayment if:

  1. The amount is $1000 or less.
  2. You did not cause the overpayment by making a false statement to SSA, and.
  3. You request waiver.

Do I have to pay back Social Security if I work?

As long as you continue to work, even if you are receiving benefits, you will continue to pay Social Security taxes on your earnings.

Who is responsible for Social Security overpayment?

The beneficiary is liable if he or she received the benefit of the monies; The representative payee is personally liable if he or she: Was at fault in creating the overpayment; or. Did not apply the monies for the beneficiary’s use and benefit.

What to do if Social Security says they overpaid you?

If you do not agree that you have been overpaid, or if you believe the amount is incorrect, you can appeal by filing Form SSA-561, Request for Reconsideration. You should explain why you think you have not been overpaid or why you think the amount is not correct.